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Tax Credit Consulting Surprise AZ

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.

Mr. Jeffrey D. Carter (RFC®), CSA, LUTCF
(623) 933-9500
10451 W. Palmeras Drive
Sun City, AZ
Smart Financial Strategies, Inc.
Years of Experience: 22
Invoice, Estate Planning, Trustee Service, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Charitable Foundations, Asset Protection, Compensation Plans

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Jackson Hewitt
(623) 474-3038
13954 W Waddell Rd
Surprise, AZ

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H&R Block
(623) 875-6111
12550 W THUNDERBIrdrdSTE 104

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H&R Block
(623) 979-3821
7071 N 138TH AVE BLDG 1540

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Sun City Home Tax Svc
(623) 974-6036
14656 N Del Webb Blvd
Sun City, AZ

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H&R Block
(623) 584-6377
15411 W WADDELL rd

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H&R Block
(623) 975-7583
14455 W GRAND AveSTE 106

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(623) 561-6172
10327 W. Coggins Dr. #2
Sun City, AZ
H&R Block
(623) 933-6912
10753 GRAND Ave

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Liberty Tax Service
(623) 792-1140
8940 W. Bell Rd. Ste B102
Peoria, AZ
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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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Absolute disaster: 8%
Somewhat negative: 21%
Uneventful: 40%
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Other: 18%