We have only Few Days left to the end of Tax Season; Many of Our Clients ask if a Tax Credit is better than a Deduction. Just to enlighten us, A Tax Credit is a Dollar -For-Dollar Reduction of the Taxes you owe; For instance, A $100 Credit means you pay $100 less in Taxes.
A Deduction reduces the Taxes, you owe by a Percent of every Dollar, you're allowed to deduct. You Calculate the worth of your Deduction by multiplying your marginal (Or Top) Tax Rate by the amount of the deduction.
YES, 2017 is just Few Hours away......The Clock is Ticking. We can still chip in One more Challenge to lower Our Tax Bill before the Year Ends. And this is......
Further Your Education
Do you know that if you take a Course to advance your Career or build your Business, It can be used as a Tax Deduction? If you are enrolled or taking classes at an eligible educational institution, you might qualify for the Lifetime Learning Credit(LLC).
More so, If you or your Child is already in college or a Trade School, You can get up to $2,500 per student for the Year.
Wow, The Countdown is on; 2 More Days to the New Year
2017, Have you been working on your Challenge? If you're hoping on reducing
your Tax Bill for the Tax Season, You still have the opportunity to do so,
before it is too late.
Here We Go:
Pay Your Mortgage and Local/State Taxes Now
When you prepay your Mortgage, State, Local and Property Taxes that are due in January at this time, You are reducing your 2016 Federal Income Tax Bill.
These Payments can be deducted as part of your itemized deductions on your 2016 Tax Return and would reduce your Bottom Line Tax Bill.
The Year 2016 is fast coming to an end; As we Close out the Year, We would like to thank all our Clients, Customers and Fans for your Business and Referrals. We look forward to your continued patronage in 2017; As the Year comes to a Close, So does the period for Tax Planning.
Every Year, Business Owners across
the Nation sit down with their Tax Accountants to come up with as many Legal
Tax Deductions as possible. As a Business Owner, knowing which Business Tax
Deductions that you qualify for can help:
- Reduce Your Income Tax Liability.
- Enhance the efficiency of your Business Operation.
- Improve your Overall Financial Well Being
- Prevent Overstating your Income/Profit.
- Eliminate you from being a Target of an IRS Audit.
January 19 2016 will mark the beginning of the 2016 Filing Season. The Internal Revenue Service (IRS) announced that Tax Return filing for the year will begin one day earlier than the previous one.
The IRS will begin accepting individual electronic returns from this day. They will also begin processing paper tax returns at the same time. There is no advantage to people filing tax returns on paper now instead of using the e- file method.
The Tax Day also witnessed slight changes as Washington, DC celebrates Emancipation Day on April 15 instead of the usual April 16th, which is a Saturday.
Christmas and A Prosperous New Year 2016 to all our Current and Prospective
Clients. We want our Clients and Fans to know that we appreciate them and continually look forward to a great working relationship. The Year is almost coming to an end and It's a Busy Season for
everyone. As you make your Holiday Plans, Remember to close your Books and
Accounting Records for the Year 2015.
We have listed some Tips to help you close the
year properly, so that you can make great plans for the upcoming year: