Tax season can be a stressful time for many individuals and small business owners. However, understanding and taking advantage of tax credits and deductions can significantly lighten the financial burden. If you're in Orlando, Florida, and need advanced help with complicated tax issues, turn to Krus Tax Law. Contact us today!
Your Guide to Tax Credits and Deductions
Education expenses can be quite significant, but luckily, there are tax credits and deductions available to help offset these costs. For example, the Lifetime Learning Credit and the American Opportunity Tax Credit can provide tax relief for qualified tuition expenses. By utilizing these credits and deductions, you can lessen the financial burden of pursuing education.
Buying a home is a major milestone, and it comes with a range of potential tax benefits. Mortgage interest deductions allow homeowners to deduct the interest paid on their mortgage loans. Property tax deductions are also available, allowing you to deduct a portion of the property taxes paid.
Raising a child can be expensive, but there are tax breaks available to help alleviate some of the financial strain. The Child Tax Credit provides a credit for each qualifying child under the age of 17. Additionally, the Child and Dependent Care Credit allows you to claim a credit for qualified child care expenses. By taking advantage of these credits, you can significantly reduce your tax liability while providing for your family.
If you are a small business owner, there are several tax credits and deductions that can benefit your bottom line. The Section 179 deduction allows you to deduct the cost of qualifying business expenses, such as equipment or machinery, in the year of purchase. The Research and Development Tax Credit rewards businesses that invest in research and development activities.
Understanding and utilizing tax credits and deductions can significantly impact your tax liability and potentially increase your tax refund. Consult with a Florida tax attorney at Krus Tax Law in Orlando to ensure you are taking full advantage of the available credits and deductions. Get started today!