Deductions and Credits for Businesses and Homeowners
Preparing proper deductions and credits are important in lowering your taxable income as well as your taxes. Valley Tax Law can help you with this. We are available and eager to help you.
Some of the new tax law topics Include:
- Alimony Tax Deductions – be able to report the total amount of alimony paid during the year.
- The American Opportunity Tax Credit – This is a $4000 refundable tax credit available to students in exchange for 100 hours community service.
- Mortgage Insurance Premium Tax Deduction – Mortgage insurance premiums issued after 2006 may be tax deductible.
- Standard or Itemized – you choose the that suits you the best.
- A redeemable tax credit of up to 7500 for the purchase of a primary residence Additional Standard Deduction for Property taxes – The Housing Assistance Tax Act of 2008.
- Sales Tax Deductibles – Filers who choose to itemize expenses on Schedule A while receiving sales tax deduction. Two ways will be available for them to determine the amount of the sales tax deduction.
- Energy Tax Credits – Latest ways of minimizing an investor’s taxable income.
- Making Work Pay Tax Credit – a refundable tax credit up to $400 for the years 2009 and 2010 returns
- Vehicle Sale Tax Deduction – Available for new automotive purchase made between February 17, 2009, and December 31, 2009; not a day earlier or later.
- Automotive expenses
- Adoption Tax Credit – If you adopt a child, you should get to know what expenses are deductible.
- Learn more about how to qualify for the Child Tax Credit
- Get the insight on qualifications for Retirement Savings Contribution
- Casualty and Theft Deduction – Casualty, disaster, and theft losses may be tax-deductible.
- If you are disabled or aged 65 years and above, you may be able to reduce your taxes with disabled or elderly tax credits.
- If your business has “qualified production activities” it can take Domestic Production Activities Deduction tax. Sophisticated analyses and calculations may be needed to realize the full benefit of the deduction.
- Get a deduction for half of your Self Employment Tax – Self-Employment Health Insurance.
- Earned Income Tax Credit (EITC) – Depending on your income and the number of children you can qualify for EITC. If you are separated from your spouse, you may be eligible for the special Head of Household rule.
Contact Valley Tax Law offices in Clovis today to book your tax appointment. Keep in mind that as a taxpayer, you have a complete legal right to be represented by a tax attorney of your choice.
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