The goal of every taxpayer whether small business or corporations is to lower your tax liability. In a word, “deductions lower your taxable income, and credits lower your taxes”. Below is a list of links that will provide you with a brief description of those deductions and credits and ultimately…..”lower your tax liability”.
Tax Deduction for Charity Donations
Home Mortgage Interest Tax DeductionEnergy Tax CreditsOther Tax Credits - Form 1040
Adoption Tax Credit: How to Claim the Adoption Credit Child Tax Credit: How to Claim the Child Tax Credit on Form 1040
Retirement Savings Contribution Credit
Education Credits - Hope and Lifetime Learning Tax Credits
Credit for the Elderly or Disabled - Form 1040 Line 48 Child Care Tax Credit & Dependent Care Expenses - Form 1040 Line 48
Adjustments to Income - Preparing Your 1040 Step 5
Adoption Credit - Form 1040 Line 52
Alimony Paid Tax Deduction Casualty & Theft Losses
Child Care Tax Credit & Dependent Care Expenses - Form 1040 Line 47
Child Tax Credit - Form 1040 Line 51
Classroom Expenses Deduction Credit for the Elderly or Disabled - Form 1040 Line 48
Domestic Production Activities Deduction - Section 199
Early Withdrawal Penalty Deduction
Earned Income Credit: Qualfying for the Earned Income Tax Credit Education Credits, Hope Credit, Lifetime Learning Credit, Form 1040 Line 49
Educator Expenses: Claiming a Tax Deduction for Educator Expenses
Foreign Tax Credit - Form 1040 Line 46
Qualified Performing Artists (QPA) Deduction Moving Expenses
Self-Employment Health Insurance Deduction
SEP-IRA Deduction Early Withdrawal Penalty Deduction Alimony Paid Deduction
Health Savings Account Deduction
Health Savings Account Deduction: Tax Deduction for Health Savings Accounts How To Pay Zero Taxes 2005 (Book Review)
Hybrid Car Tax Credit – Essential Information about the Alternative Motor Vehicle Credit
Hybrid Car Tax Deduction - Clean Burning Fuel Deduction
IRA Deduction (Traditional Individual Retirement Account) Itemized Deductions
Limitations on Itemized Deductions
Moving Expenses Tax Deduction Other Tax Credits - Form 1040 Line 53
Personal Exemptions
Qualified Performing Artists Expenses
Retirement Savings Credit, Form 1040 Line 50 & Form 8880
Self Employment Tax Deduction Self-Employment Health Insurance Deduction
SEP, SIMPLE, Retirement Plan Deduction
Student Loan Interest Deduction Student Loan Interest Tax Deduction
Traditional IRA Tax Deduction - Individual Retirement Account Deduction
Tuition and Fees Deduction for College Expenses
Tuition and Fees Tax Deduction
S. Raines, Sr. Financial Advisor/Tax Preparer
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