Understanding Important Tax Information and Other Resources
Our team at Timmer Accounting & Tax Service, LLC serves as your trusted accountant who values the importance of tax incentives. We want our clients to take advantage of the benefits of paying their taxes, which is why we provided the following resources:
Tax Incentives for Higher Education
The tax code provides a variety of tax incentives for families who are paying higher education costs or repaying student loans. You may claim an American Opportunity Credit or Lifetime Learning Credit for the qualified tuition and related expenses of the students in your family who are enrolled in eligible educational institutions.
When preparing to file your federal tax return, don't forget your contributions to charitable organizations. Your donations can add up to a nice tax deduction for your corporation if you are a member of a flow-through business entity. You can also benefit from personal taxes if you itemize the deductions on your IRS Form 1040 (Schedule A).
Earned Income Tax Credit for Certain Workers
Many people forgo critical tax relief each year by failing to claim the Earned Income Tax Credit (EITC), a federal tax credit for individuals who work but do not earn high incomes. Taxpayers who qualify and claim the credit could pay less federal tax, pay no tax, or even get a tax refund.
If you have any questions, please do not hesitate to contact us. We look forward to hearing from you.