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CHRISTOPHER BOYER'S BLOG.
Chris is the president at CBAuthentix Business Services, a bookkeeping principal, Enrolled Agent and QuickBooks Pro Advisor.

Some tax credits you may not know about that will reduce your 2017 and 2018 tax bill



Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses that provide certain employee benefits. 

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In College? All you need to know about Education Credits.


 

If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit- but your child might. There’s one potential downside: If your dependent child claims the credit, you must forgo your dependency exemption for him or her. And the child can’t take the exemption. 

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788 Hits

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