Unlike tax deductions, which are subtracted from your taxable income, tax credits are taken from the taxes you owe, dollar for dollar. Many taxpayers aren’t aware of all of the tax credits for which they may be eligible. For instance, while you might know that caring for a child or other dependent while working or seeking work qualifies you for a tax credit, you might not realize that there’s a separate credit for parents who adopt a child during the tax year. Another useful tax credit goes to homeowners who renovate their residences to make them more energy efficient.
At Taxation Solutions, Inc., we’re committed to helping our clients get the most out of their interactions with the IRS. That means ensuring that you’re informed about all of the tax credits that are relevant to your situation. Call or e-mail us today to speak with one of Memphis’s most trusted tax resolution specialists. From helping you avoid tax penalties and other tax problems to ensuring that tax season runs as smoothly as possible, we’ve got your best interests at heart.