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Tax Credit Consulting: Tax Credits Brigham City UT

Most people try to avoid tax subjects as much as possible. Tax credits are something you should love because they save you a ton. How does a tax credit work? Get the answer from the following.

Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans

Data Provided by:
H&R Block
(801) 272-0412
5002 S HIGHLAND dr
SALT LAKE CITY, UT

Data Provided by:
MainStreet Tax & Accounting Services
(435) 789-0691
1285 W. Hwy 40
Vernal, UT
 
Gardner Tax & Accounting
(435) 656-8291
32 E 100 S
St George, UT
Hours
M-F 8 am - 5 pm

Data Provided by:
H&R Block
(801) 546-3091
27 S FORT LN
LAYTON, UT

Data Provided by:
Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Liberty Tax Service
(866) 871-1040
438 E 12300 S
Draper, UT

Data Provided by:
Liberty Tax Service
(866) 871-1040
366 S 500 E
Salt Lake City, UT

Data Provided by:
H&R Block
(435) 644-2071
40 E CENTER
KANAB, UT

Data Provided by:
H&R Block Inside Sears Downtown
(801) 532-0610
754 S STATE ST
SALT LAKE CITY, UT

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Tax Credit Consulting: Tax Credits

How Does A Tax Credit Work?

Most people try to avoid tax subjects as much as possible. Tax credits are something you should love because they save you a ton. Okay, so how does a tax credit work?

The world is full of government conspiracy theories. Who caused 9/11? Who killed President Kennedy? The general idea is there is a hidden power running everything like a puppeteer. Whatever your view on these theories, most government efforts to change our conduct are very open. The efforts often take the form of financial incentives and tax credits are one of the biggest.

People talk about tax deductions all of the time. Please. Tax deductions pale in comparison to the mighty tax credit. Why is this? Well, consider what each does. A tax deduction reduces the amount of income you will claim when figuring out the tax you will owe. Let's say you made $50,000 last year. Now let's say you have a single tax deduction of $500. This lowers your adjusted gross income to $49,500. You would then go to the tax tables and figure out that you owe $12,500. The $500 tax deduction saved you a minimalistic $50 or so on the final amount you had to pay. These numbers are inaccurate, but used to show you how things work.

A tax credit is not deducted from your income before figuring out how much tax you owe. Instead, it is deducted dollar for dollar from the tax you owe. Now, take the same example but change the deduction to a $500 tax credit. Instead of subtracting the $500 figure from the $50,000 you earned during the year, you would direct it from the $12,500 you had to pay Uncle Sam. Instead of the $50 saving the tax deduction gave you, you would get the full $500. Again, this is just for example purposes.

People search high and low for tax deductions when they should really be looking for tax credits. Consider the case of hybrid cars. The federal government wants us to break our oil addition. To get us to embrace hybrid cars, it issued a large tax deduction of $3,000 for anyone that...

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