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Tax Credit Consulting Martinsburg WV

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.

Cindy S. Everly (RFC®), CPA
(301) 582-0765
10709 Timothy Drive
Williamsport, MD
Company
Cindy S. Everly, CPA/Financial Planner
Qualifications
Education: BA
Years of Experience: 15
Membership
IARFC, AICPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Business Coach, Compensation Plans

Data Provided by:
Liberty Tax Service
(866) 871-1040
411 W King St
Martinsburg, WV

Data Provided by:
H&R Block
(304) 229-0317
372 Middleway Pike Ste E
Inwood, WV

Data Provided by:
H&R Block
(304) 725-4603
71 JEFFERSON CROSSING WAY STE E
CHARLES TOWN, WV

Data Provided by:
H&R Block
(304) 258-8777
318 N WASHINGTON ST
BERKELEY SPRINGS, WV

Data Provided by:
David P. Pankiw (RFC®), MSFS
(301) 790-3599
240 S Potomac St Ste 204
Hagerstown, MD
Company
CUBIC Financial Advisors
Qualifications
Education: BS
Years of Experience: 25
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Tax Returns, Seminars Work, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, BuySell, Compensation Plans

Data Provided by:
H&R Block
(304) 267-8261
307 W KING ST
MARTINSBURG, WV

Data Provided by:
Liberty Tax Service
(866) 871-1040
324 W Washington St
Charles Town, WV

Data Provided by:
H&R Block
(301) 432-5880
702 CHASE SIX BLVD
BOONSBORO, MD

Data Provided by:
Liberty Tax Service
(866) 871-1040
53 Eastern Blvd N
Hagerstown, MD

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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 West Virginia shared their opinions about IRS Survey
Have you had experience dealing with the IRS and their customer service reps?
Yes: 60%
How would you rate your experience?
Absolute disaster: 33%
Somewhat negative: 0%
Uneventful: 33%
Somewhat pleasant: 33%
Pleasant: 0%
What was the subject of your most recent communication with the IRS?
Making/scheduling payment: 66%
Disputing taxes owed: 33%
Investigating information: 0%
Dealing with lien/levy: 0%
Responding to a letter/demand: 0%
Other: 0%
Source: Survey.com