It's tax time, and the older you get, the better it is to start preparing for your taxes far in advance. We may still have a few months until April 15, but the more work you do now, the bigger refund you're likely to get in return. Today, we're going to look at tax credits. Whether you're a small business owner or a regular W2 employee, tax credits can save you money and reduce your tax burden. Remember that a tax deduction is different than a tax credit; deductions are qualifying items you have purchased that you can literally deduct from your taxes (with the appropriate receipts, of course!), and credits are preset amounts that you take off your taxes in exchange for completing certain qualifying life events.
January 27, 2014