Tax credits are easy to overlook. You have to know the options that are out there, and determine whether you meet the qualifications.
Houston, TX (PRWEB) June 13, 2013
Tax credits are an often-overlooked way for people to lower their federal income tax bills. To help educate taxpayers on the credits that are available, Top Tax Defenders is releasing an eBook entitled "Get the Credit You Deserve: The Complete Guide to IRS Tax Credits."
The eBook, which can be downloaded from the website, lists a wide variety of IRS tax credits for both individuals and businesses.
Top Tax Defenders previously released an eBook listing 333 tax deductions. Whereas deductions reduce the amount of income a person pays tax on, credits directly reduce the tax bill itself. This can make tax credits more valuable than deductions.
"For an individual who pays taxes, a $1,000 deduction can save you anywhere from $100 to $396, depending on your income bracket. But a $1,000 tax credit saves you a full $1,000, regardless of your tax rate," explained Teresa Pitre, CEO of Top Tax Defenders. "Plus, some apply even if you do not have to pay income taxes. In those cases, the IRS will send you a check for the amount of the credit."
Despite those advantages, many tax credits go unclaimed, according to Pitre.
"Tax credits are easy to overlook. You have to know the options that are out there, and determine whether you meet the qualifications."
The eBook lists tax credits available for everything from installing solar panels to being over 65 years of age. Many apply to business owners, including credits for hiring veterans, providing childcare for employees or making building improvements.
Tax credits tend to change quickly, though, with Congress regularly voting in new credits while allowing others to expire. Because of this, the eBook recommends that readers also check with a tax preparation specialist to make sure they receive every tax credit available to them.
About Top Tax Defenders
Top Tax Defenders is a Houston-based firm that specializes in resolving tax problems. They can be contacted by calling 1-866-866-1555 or by visiting their website.