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Tax Credit Consulting Norman OK

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
(405) 942-1980
618 W Main St
Norman, OK

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Jackson Hewitt
(405) 912-1040
654 NW 12th Street
Moore, OK

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H&R Block
(405) 735-9616
1019 B SW 19TH ST
MOORE, OK

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Jackson Hewitt
(405) 672-8988
4849 SE 44th Street
Del City, OK

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H&R Block
(405) 794-5773
11809 S WESTERN
OKLAHOMA CITY, OK

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H&R Block
(405) 321-3776
686 Ed Noble Pkwy
Norman, OK

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H&R Masonry
2613 Yorkshire Avenue
Moore, OK

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Jackson Hewitt
(405) 942-1980
3603 NW 32nd Street
Newcastle, OK

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Jackson Hewitt
(405) 912-1040
3522 S Douglas Blvd
Oklahoma City, OK

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Liberty Tax Service
(866) 871-1040
8121 S Western Ave # E
Oklahoma City, OK

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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 Oklahoma shared their opinions about IRS Survey
Have you had experience dealing with the IRS and their customer service reps?
Yes: 64%
How would you rate your experience?
Absolute disaster: 0%
Somewhat negative: 31%
Uneventful: 31%
Somewhat pleasant: 31%
Pleasant: 6%
What was the subject of your most recent communication with the IRS?
Making/scheduling payment: 12%
Disputing taxes owed: 12%
Investigating information: 0%
Dealing with lien/levy: 0%
Responding to a letter/demand: 43%
Other: 31%
Source: Survey.com