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HOW CREDITS AND DEDUCTIONS WORK

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Posted by Admin Posted on Jan 03 2022

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Tax credits and deductions can change the amount of tax you owe so you pay less.

Credits can reduce the amount of tax you owe.

Deductions can reduce the amount of your income before you calculate the tax you owe.

Claim Federal Tax Credits and Deductions

Claim certain credits and deductions on your tax return and you may be able to get a larger refund, while others may give you a refund even if you don't owe any tax.

If you have any questions regarding Essential Business Accounting, Domestic Taxation, International Taxation, IRS Representation, U.S. Tax Implications of Real Estate Transactions or Financial Statements, please give us a call at 305-274-5811.

Source: IRS

The information provided on the LBCPA Blog is a community service for general information purposes only, and should not be used as a substitute for consultation with professional advisors who specialize in the topics covered. Please refer to your advisors for specific advice on these subjects. The information is not intended to be used, and it cannot be used, for the purposes of avoiding U.S. Federal and/or State tax laws or the tax laws of any foreign jurisdiction.

These blogs contain general information only and Lord Breakspeare Callaghan LLC or any of the other companies or firms presenting information are not providing accounting, business, financial, investment, legal, tax, or other professional advice or services. Lord Breakspeare Callaghan LLC or any of the other companies or firms contributing with articles shall not be responsible for any loss sustained by any person who relies on this information.