https://www.jhuntermba.com/blog daily 0.75 2025-11-05 https://www.jhuntermba.com/blog/understanding-tax-credits-and-deductions monthly 0.5 2024-01-18 https://images.squarespace-cdn.com/content/v1/63e6dca3aa0eaa2e3cb55136/f97e62c7-8f0a-4663-9347-bae1501203fe/DALL%C2%B7E+2024-01-17+22.24.53+-+A+modern%2C+high-quality+vector+image+representing+tax+credits+and+deductions.+The+image+should+feature+symbolic+elements+like+a+calculator%2C+tax+forms%2C+.png Blog - Understanding Tax Credits and Deductions Introduction: Navigating the World of Tax Credits and Deductions When it comes to understanding taxes, the concepts of tax credits and deductions often surface as critical elements, especially for individual taxpayers and small business owners. These two facets of the tax system, while distinct, play a significant role in determining your tax liability. In essence, they are tools provided by the tax code to reduce the amount of tax you owe, but they operate in different ways. This blog post aims to demystify these concepts, offering clarity on what they are, how they differ, and how you can use them to your advantage. What Are Tax Credits, and How Do They Work? Tax credits are amounts that taxpayers can subtract directly from the taxes they owe to the government. Unlike deductions, which reduce the amount of taxable income, tax credits reduce your tax bill on a dollar-for-dollar basis. This means that a tax credit valued at $1,000, for instance, lowers your tax bill by the exact amount of $1,000. There are various types of tax credits available, tailored for different purposes and individuals. Some common tax credits for individual taxpayers include the Earned Income Tax Credit (EITC), which is designed to benefit low to moderate-income earners, and the Child Tax Credit, which provides financial relief to taxpayers supporting children. For small business owners, tax credits can be a significant boon. Credits such as the Work Opportunity Tax Credit are offered for hiring employees from certain groups that face significant barriers to employment. Another example is the Disabled Access Credit, which small businesses can claim for making their premises accessible to persons with disabilities. https://images.squarespace-cdn.com/content/v1/63e6dca3aa0eaa2e3cb55136/47bb8773-0a15-4bf6-bd5a-b51ba2922342/pexels-mart-production-8872671.jpg Blog - Understanding Tax Credits and Deductions - Common Examples of Tax Credits and Deductions Tax credits and deductions are potent tools for reducing tax liability, but they vary greatly depending on whether you are an individual taxpayer or a small business owner. For individuals, tax credits such as the Earned Income Tax Credit (EITC) and the Child Tax Credit can significantly reduce the amount of tax owed. Common deductions include mortgage interest, state and local taxes, and charitable contributions. These deductions are particularly beneficial if they total more than the standard deduction amount. Small business owners can leverage a different set of credits and deductions. Tax credits might include incentives for hiring certain employees or for making environmentally-friendly business decisions. Deductions for small businesses can be extensive, covering everything from office supplies to the business use of your personal assets such as your car. https://www.jhuntermba.com/blog/what-are-standard-and-itemized-tax-deductions monthly 0.5 2023-09-20 https://images.squarespace-cdn.com/content/v1/63e6dca3aa0eaa2e3cb55136/5aa09eca-d345-4735-9009-2bff97b86f02/pexels-nataliya-vaitkevich-6863254.jpg Blog - What are standard and itemized tax deductions? - The standard deduction is a dollar amount set by the IRS that reduces the amount of income that you are taxed on. This dollar amount is determined by taxpayer status, age, and blindness. The standard deduction amounts are listed below: https://images.squarespace-cdn.com/content/v1/63e6dca3aa0eaa2e3cb55136/e21b2b1a-147c-489a-abd9-432177281915/Standard+deductions.jpg Blog - What are standard and itemized tax deductions? - Who can’t claim the standard deduction? There are some taxpayers that are not eligible to claim the standard deduction therefore, their income is not reduced and the full AGI is taxable. These taxpayers are listed below A married taxpayer whose spouse is filing MFS and has chosen to take the itemized deduction. An individual who was a nonresident alien or dual status alien during the tax year. The following are exceptions: A nonresident alien filing a MFJ return with a US citizen A nonresident alien that becomes a citizen by the end of the year or files a MFJ return with a US citizen and asks to be treated as a US citizen all year Students/Business apprentices that are residents from India The itemized deduction uses the actual amount of valid tax deductions found on Schedule A to reduce the amount of income that is subject to federal tax. These deductions are categorized as followed: Medical and Dental Expenses (amount above 7.5% of AGI) Taxes Paid (capped at $10,000) Interest Paid Gifts to Charity (limits vary) Casualty and Theft Loss Other Gambling Losses Casualty and Theft Loss of Income Producing Property Federal Estate Tax Amortizable Bond Premium Ordinary loss due to debt instrument Repayment of amounts due to rights Unrecovered investment in pension Impairment related work expenses https://www.jhuntermba.com/blog/are-charitable-donations-tax-deductible monthly 0.5 2023-09-14 https://images.squarespace-cdn.com/content/v1/63e6dca3aa0eaa2e3cb55136/3b40b4cd-649d-4223-ba00-bd93084ba2ec/pexels-rdne-stock-project-6646917.jpg Blog - Are Charitable Donations Tax Deductible? - Most of us have a charitable heart and are excited to give whenever possible to help others. Have you ever wondered why large corporations give so much of their revenue to charities? Are the CEO’s philanthropists that care more about others? It’s probably not what you think…they get a tax write off and are able to reduce the revenue that the company is taxed and lowering its tax liability. Anyone can take advantage of this tax saving strategy but it requires more than your giving heart to achieve. https://www.jhuntermba.com/blog/home-office-deduction monthly 0.5 2023-08-30 https://images.squarespace-cdn.com/content/v1/63e6dca3aa0eaa2e3cb55136/0f5cc317-672b-4464-8996-70ada01cd763/pexels-william-fortunato-6393357.jpg Blog - Home Office Deduction - Do you love to work from home? You aren’t alone. 60% of small businesses without staff are run from home, that’s over 19 million small businesses. By working from home and establishing your home as the primary business location you are opening up an additional business deduction to offset some of your personal expenses. In order to take advantage of the deduction your business and home must meet two requirements. Regular and exclusive use of the space Principal place of business What if I use multiple locations for business? As long as your home is the main location with the majority of your time and business spent at home you may qualify. What expenses can I expect to write off? Here are some of the expenses that qualify: Paint Utilities Insurance Property Taxes Mortgage Interest Rent Security System Are you ready to start writing off your home here is how: There are two methods: Regular method and Simplified Regular Method This method requires a little math but after the first time the calculations shouldn’t change much year over year. Find the total area of your home Find the area of your home office (portion of your home used for business) Divide area of your home office/area of your home to determine the percentage of your home used for business purposes Multiply the percentage by each expense to find the deductible portion of the expense If there are expenses associated only with the home office those expenses would be deductible at 100% such as office security and paint for the office. Simplified Method This method is an easier calculation: Find the area of your home office (limited to 300 sq ft) Multiply by $5 This is the total deduction (not to exceed $1500) To figure out the best method, book a tax planning engagement. https://www.jhuntermba.com/blog/taxsavingsreducingw-2income monthly 0.5 2023-07-23 https://images.squarespace-cdn.com/content/v1/63e6dca3aa0eaa2e3cb55136/a4429f3d-0ae3-4e40-8634-8644772899f6/pexels-andrea-piacquadio-3823493.jpg Blog - Unlocking Tax Savings: Your Guide to Reducing Taxes on W-2 Income with Smart Retirement and HSA Strategies All July the blog is dedicated to unraveling the secrets of tax savings! Today we're diving headfirst into the world of Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs). We are looking through the lens of tax savings, because as your trusted tax advisor my primary goal is to help you reduce your tax liability. 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