Can Tax Credit Services Help You?

If you are thinking of how you can claim tax credit money, the best thing to do first is research the situation. Tax credit services that say they can get you the biggest refund may be able to assist you when it comes to preparing and submitting your return, and looking for credits that may be applicable to you. There are some tax credits you may not know about and others that you may be familiar with. One of the first things that may affect whether you get credit is your filing status.

The different filing statuses are as follows – married filing jointly, married filing separately, widowed, head of household and single. Married filing separately is a status that may prevent you from claiming certain tax deductions and credits. One credit that many married people and even single people do file for is the child tax credit. Only one parent filing single or two parents filing married jointly can claim the child tax credit, two separate parents cannot claim a child. The child tax credit states you get a certain amount of money per child if you do not go over the income threshold.

Earned income credit is another type of credit you may want to try and claim. You do not have to have children to get EIC although it does help because it reduces your taxable income. There are various qualifications with EIC as well, such as you must have been employed or self employed and a citizen. Check with the IRS website about the qualifications for the earned income credit. There may be other credits you qualify for as well that you may not even be aware of, for example if your child goes to daycare you may qualify for the childcare deduction.

You don't need tax credit services to get you tax credits, however a professional tax preparer can get you more money than you are likely to get if you sat down with tax forms and a pencil and did your own taxes. If you prefer not to use a tax preparation professional, there are software programs that help you through the preparation and submission process. These programs can be downloaded, some are actually free to use depending on how complex your return is. For business owners there are paid versions that help you navigate the complex tax world.

 






 

 

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Tax Credit News:

 

Tax Season: Should You Itemize - CBS Local

CBS Local
Tax Season: Should You Itemize
CBS Local
To do a quick assessment, is your total income under $100000? Interest income under $1500? Yes to both, then figure out your potential deductions. How much did you pay in state income tax? Did you make any charitable contributions?
Tax season: When you should hire a proCBS News

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TAX TARGET: THE RICH
Raise taxes on those making more than $250,000. Limit deductions for the wealthy. Make an expanded college tax credit permanent...


Obama Budget Proposes Big Changes to Alt-Fuel Car Tax Credits - Chicago Tribune

Hindu Business Line
Obama Budget Proposes Big Changes to Alt-Fuel Car Tax Credits
Chicago Tribune
In the 2013 budget proposal delivered to Congress, the Obama administration is taking a new approach to incentives for electric and other alternative-fuel cars. Despite claims that these tax credits would go to bolster wealthy potential Chevrolet Volt .
Getting Paid to Drive ElectricMSN Autos (blog)

all 27 news articles »
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$13000 Adoption Tax Credit Still Available, Offers Even Bigger .
Last year a large number of U.S. families who have adopted a child were met with a surprise adoption credit and this year that credit is back, allowing...


$13,000 Adoption Tax Credit is Back
NEW YORK-An adoption tax credit that brought huge refunds to many unsuspecting families last year is back. Taxpayers can claim...


Audit: Firms got state tax credits without documenting costs - Baltimore Sun

Audit: Firms got state tax credits without documenting costs
Baltimore Sun
By Lorraine Mirabella, The Baltimore Sun Eight Maryland businesses approved for $34 million in tax credits for job creation from 2007 to 2010 failed to document their project or startup costs, a legislative audit of the state's economic development .

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Strong incentives: TASQ Technology receives tax breaks for new facility - Marietta Daily Journal

Strong incentives: TASQ Technology receives tax breaks for new facility
Marietta Daily Journal
by Katy Ruth Camp On Tuesday, several state and Marietta officials got a grand tour of TASQ Technology, a point-of-sale equipment provider that is receiving millions of dollars in tax incentives for consolidating two offices in California and one in .

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