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Tax Credit Consulting Hayden ID

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.

Brian Burks, MBA
5660 East Franklin Rd. Suite #130
Nampa, ID
Company
Title: Managing Partner
Company: Burks Wealth Management
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
U of Idaho/B.S. - Marketing
Boise State University - MBA
Years Experience
Years Experience: 15
Service
Life Settlements,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Annuities,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,401k Rollover From Employer,Income for Life/ Preserve Principal,Life Insurance,Investment & Portfolio Management,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Individual Income

Data Provided by:
Pattent Tax Service Llc
(208) 939-1151
8850 Horseshoe Bend Rd
Boise, ID
 
Liberty Tax Service
(866) 871-1040
10804 W Fairview Ave # 100
Boise, ID

Data Provided by:
American Tax Services
(208) 853-5007
6625 N Glenwood St
Boise, ID
 
H&R Block
(208) 461-9308
341 CALDWELL blvd
NAMPA, ID

Data Provided by:
A A Tax & Accounting Llc
(208) 375-1462
5123 Emerald St
Boise, ID
 
Comprehensive Tax Service
(208) 322-4649
600 N Curtis Rd Ste 210
Boise, ID
 
H&R Block
(208) 745-6539
186 E MAIN ST
RIGBY, ID

Data Provided by:
Ada Tax Professionals
(208) 377-4303
9140 Ustick Rd
Boise, ID
 
Boise Tax PRO
(208) 375-1230
1010 N Orchard St Ste 5
Boise, ID
 
Data Provided by:

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 Idaho shared their opinions about IRS Survey
Have you had experience dealing with the IRS and their customer service reps?
Yes: 66%
How would you rate your experience?
Absolute disaster: 25%
Somewhat negative: 25%
Uneventful: 25%
Somewhat pleasant: 25%
Pleasant: 0%
What was the subject of your most recent communication with the IRS?
Making/scheduling payment: 25%
Disputing taxes owed: 0%
Investigating information: 0%
Dealing with lien/levy: 0%
Responding to a letter/demand: 25%
Other: 50%
Source: Survey.com