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Tax Credit Consulting Hobbs NM

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.

Mrs. Natalie Voskresensky (RFC®), MBA
(505) 858-2443
2 Juniper Hill Rd NE
Albuquerque, NM
Company
PLAN RIGHT, LLC
Qualifications
Education: MBA, Accounting Concentration
Years of Experience: 13
Membership
IARFC
Services
Invoice, Business Planning, personal Coach, Retirement Planning, Tax Returns, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Auto Home Insurance, Asset Protection, LiabCover

Data Provided by:
H&R Block
(505) 298-0591
12241 ACADEMY NE
ALBUQUERQUE, NM

Data Provided by:
H&R Block
(505) 892-8408
2003 SOUTHERN blvdSTE 124
RIO RANCHO, NM

Data Provided by:
Smarter Tax Solutions
(505) 922-4973
5508 Pegasus Pl Nw
Albuquerque, NM

Data Provided by:
Zia Tax Svc
(575) 541-6171
1125 N Solano Dr
Las Cruces, NM

Data Provided by:
Max Leach (RFC®), CLU, RFP
(505) 344-2255
10308 Candelaria NE #345
Albuquerque, NM
Qualifications
Education: BS
Years of Experience: 16
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Charitable Planning, BuySell, LiabCover, Compensation Plans

Data Provided by:
Liberty Tax Service
(866) 871-1040
1112 San Pedro Dr Ne
Albuquerque, NM

Data Provided by:
H&R Block
(575) 472-2627
132 S 5TH ST
SANTA ROSA, NM

Data Provided by:
H&R Block
(575) 546-1060
1021 E PINE ST
DEMING, NM

Data Provided by:
H&R Block
(505) 865-2944
1400 Main St NW Ste G
Los Lunas, NM

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 New Mexico shared their opinions about IRS Survey
Have you had experience dealing with the IRS and their customer service reps?
Yes: 80%
How would you rate your experience?
Absolute disaster: 12%
Somewhat negative: 37%
Uneventful: 12%
Somewhat pleasant: 12%
Pleasant: 25%
What was the subject of your most recent communication with the IRS?
Making/scheduling payment: 25%
Disputing taxes owed: 37%
Investigating information: 12%
Dealing with lien/levy: 0%
Responding to a letter/demand: 12%
Other: 12%
Source: Survey.com