Are you or your business fully taking advantage of all the federal tax credits that may be available to you?
For individuals, there are many federal tax credits that are never taken advantage of from child and dependent care credits to a lifelong learning credit to the American Opportunity Tax Credit (AOTC), which is available to the parents of eligible students in the first four years of education.
Other common tax credits include:
- Child Tax Credit
- Earned Income Tax credit
- Adoption Credit
- Low-Income Housing Credit
- Premium Tax Credit (Affordable Care Act)
As a reminder, a tax credit decreases your tax bill as opposed to a tax deduction that lowers your taxable income.
The same applies to businesses as well, which has its own set of federal tax credits available to them, such as the following just to name a few:
- General Business Tax Credit
- Credit for Small Employer Health Insurance Premiums
- Credit for Paid Family and Medical Leave
Contact Morris and Associates today for a FREE consultation if you have questions on whether you’re claiming all the tax credits you’re entitled too.