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Tax Credit Consulting Canby OR

Since you pay taxes like a good citizen, you already know the power of the tax deduction. With this introduction to tax credits, you are about to learn of a more powerful tax saving tool.

Harold D. West (RFC®), CLU
(503) 597-2700
5285 Meadows Rd Ste 148
Lake Oswego, OR
Company
Sumner Financial Group Ltd
Qualifications
Education: MA
Years of Experience: 48
Membership
IARFC
Services
Invoice, Estate Planning, Pension Planning, Retirement Planning, Tax Planning, Annuities, Life Insurance, Charitable Planning, Asset Protection

Data Provided by:
Liberty Tax Service
(866) 871-1040
923 SW 4th Ave
Canby, OR

Data Provided by:
Tax Force
(503) 657-3196
191 Warner Parrott Rd
Oregon City, OR

Data Provided by:
H&R Block
(503) 656-5552
814 7th St
Oregon City, OR

Data Provided by:
William Chambers Tax Conslnt
(503) 632-6108
22044 S Beavercreek Rd
Beavercreek, OR

Data Provided by:
Fred King, CFP
The H Group, Inc.
Portland, OR
Company
Company: Fee-Only Financial Planner ("No Commissions")
Type
Registered Investor: Yes
Education
Oregon State University
B.S., Business
Years Experience
Years Experience: 6
Service
Wealth Engineering,Income for Life/ Preserve Principal,Medicare Planning,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Pl

Data Provided by:
J&M Accounting Service
(503) 263-4705
218 SW 2nd Ave
Canby, OR
 
Beaver Creek Tax Svc
(503) 557-0130
402 S Beavercreek Rd # 100
Oregon City, OR

Data Provided by:
Jackson Hewitt
(503) 655-4487
1630 S. Beavercreek Rd. Ste B
Oregon City, OR

Data Provided by:
Molalla Tax Svc
(503) 829-5576
219 E Main St
Molalla, OR

Data Provided by:
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Tax Credit Consulting

Introduction to Tax Credits

Since you pay taxes like a good citizen, you already know the power of the tax deduction. With this introduction to tax credits, you are about to learn of a more powerful tax saving tool.

Assume you are at a cocktail party and the issue of taxes comes up. What is the first thing people complain about besides paying them? The number one complaint is the government is getting rid of all the tax deductions. This bitterness makes sense because tax deductions are the primary tool taxpayers have for knocking down their gross income when figuring out there taxes. The problem with this argument, however, is most people don't take into account the value of tax credits.

With any introduction to tax credits, it is important to understand a few things. First, a tax credit and tax deduction are two different things. Second, a tax credit is FAR more valuable than a tax deduction in most cases. Third, most people fail to claim tax credits that are available to them and overpay their taxes. Okay, let's get to the nitty gritty.

Tax credits are different and far more valuable than tax deductions. A tax deduction is used to lower your gross income with the result being called your adjusted gross income. In simple terms, you total all of your earnings and reduce that amount by your total tax deductions. You then take the remaining figure and find out how much you owe by applying it to the tax table provided by the IRS. A tax credit works a little differently.

With tax credits, you follow the same approach as above. Figure out your gross earnings. Subtract all deductions. Figure out the tax owed by taking the remaining figure and applying it to the relevant tax table. Here is where it gets really good. Once you have the exact amount of tax you owe the IRS, you reduce that amount by any tax credits you are going to claim. If you owe $10,000 and claim tax credits for $4,000, you end up writing a check for $6,000. Let's look at a practical example...

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Local Opinions
Tax Payers in Oregon shared their opinions about IRS Survey
Have you had experience dealing with the IRS and their customer service reps?
Yes: 75%
How would you rate your experience?
Absolute disaster: 7%
Somewhat negative: 23%
Uneventful: 53%
Somewhat pleasant: 7%
Pleasant: 7%
What was the subject of your most recent communication with the IRS?
Making/scheduling payment: 26%
Disputing taxes owed: 23%
Investigating information: 3%
Dealing with lien/levy: 0%
Responding to a letter/demand: 11%
Other: 34%
Source: Survey.com