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Tax Credit Consulting Leavenworth KS

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.

Jackson Hewitt
(913) 651-5300
3009 S 4th Street
Leavenworth, KS

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Zupancic David P Ltc Ret
(913) 682-3000
426 Cherokee St
Leavenworth, KS

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Jackson Hewitt
(888) 446-2429
6264 Lewis Drive
Parkville, MO

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Jackson Hewitt
(816) 746-1040
8640 N Green Hills Road
Kansas City, MO

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Liberty Tax Service
(866) 871-1040
13028 Kansas Ave
Bonner Springs, KS

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Liberty Tax Service
(866) 871-1040
2920 S 4th St
Leavenworth, KS

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Liberty Tax Service
(866) 871-1040
7012 Nw 83rd Ter
Kansas City, MO

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H&R Block
(816) 584-1337
6325 LEWIS DR STE 112
PARKVILLE, MO

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Miller Tax Svc
(913) 422-0710
109 W 2nd St
Bonner Springs, KS

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Vendetti Murray
(913) 721-0040
134 N 130th St
Bonner Springs, KS

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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 Kansas shared their opinions about IRS Survey
Have you had experience dealing with the IRS and their customer service reps?
Yes: 58%
How would you rate your experience?
Absolute disaster: 11%
Somewhat negative: 33%
Uneventful: 55%
Somewhat pleasant: 0%
Pleasant: 0%
What was the subject of your most recent communication with the IRS?
Making/scheduling payment: 11%
Disputing taxes owed: 0%
Investigating information: 44%
Dealing with lien/levy: 0%
Responding to a letter/demand: 11%
Other: 33%
Source: Survey.com