Tax Help and Questions Answered

Welcome to our tax help page!

What is your goal?

Maybe it’s getting larger tax refunds or is it Paying Less Tax? The two statements look the same but are really two distinctly different approaches to saving tax dollars. Larger tax refunds come from what you pay in and from the money the government pays in for you. The W-4 you provide to your employer determines the money you pay in. Refundable tax credits can be a source of money the government pays in for you. The amount of both methods is controlled by your level of income. You can increase the money you pay in towards your taxes by putting fewer dependents on your W-4, changing married to married at single rates, or just plain having additional dollars withheld from each paycheck.

Refundable tax credits:

There have never been so many refundable tax credits in the past. The rules for refundable tax credits are highly complex and frequently changing.

More on Tax Credits

Paying Less Tax:

Refunds can also be increased by paying less tax. How much tax you pay is determined by the filing status you use on your tax return, the number of dependents on that tax return, income excluded from taxable treatment, tax adjustments, tax deductions and non refundable tax credits. Income excluded from taxable treatment is one of the best tools of all, but each of the various tax benefits discussed on this website helps to create a beneficial whole. Tax adjustments are a special form of tax deductions that occur earlier in the 1040 process and in general are even better than tax deductions because they impact more things than tax deductions do for most tax filers. But if you are self employed, tax deductions inside your business are even better yet.

 

The Key: Keeping it Legal and having required records. You need to know the rules, and you need to keep records. We can and will be a help in each of these areas.