When it comes to filing your tax return, Every detail counts. Many people end up paying more than they should simply because they don't know the tax credits and deductions to whom they are entitled. In The Multiservices Family, we want to help you identify those opportunities so that you can maximize your reimbursement and reduce your tax burden legally and effectively.

In this blog, we explain some of the most common credits and deductions that you might be overlooking. 🚀

✅ What is a Tax Credit and why is it important?

Un tax credit directly reduces the amount of taxes you must pay, dollar for dollar. This means that if you owe $1,000 in taxes and qualify for a $500 credit, you'll only have to pay $500. Some credits are even reimbursable, which means you could receive a refund even if you don't owe taxes.

🎯 Popular Tax Credits You Shouldn't Ignore

1 ️ Earned Income Credit (EITC)

This credit is designed to help workers with low or moderate incomes. It can add up to several thousand dollars to your refund, depending on your family situation and income.

• Who qualifies? People with earned income below a certain threshold and who meet other IRS requirements.
• Benefit: In 2024, the EITC offered up to $7,430 for families with three or more qualifying children.

2 ️ Child Credit (CTC) 👨 ‍ 👩 ‍ 👧 ‍ 👦

If you have children under 17, this credit allows you to reduce your tax bill by up to $2,000 per child.

• Important: Up to $1,400 of this credit can be refundable, meaning you could get a refund even if you don't owe taxes.

3 ️ Education Credits (AOTC and LLC) 🎓

• American Opportunity Credit (AOTC): Up to $2,500 per student for college expenses.
• Lifelong Learning Credit (LLC): Up to $2,000 per household for continuing education courses
• These credits can help you recover some of your tuition, book and other educational costs.

4 ️ Dependent Care Credit 👶🏽👵🏼

If you paid for child care or for a dependent while you were working or studying, you can deduct up to 35% of expenses qualified.

• Common Beneficiaries: Parents who pay for day care or care for dependent older adults.

📋 Common Deductions That Increase Your Refund

While tax credits directly lower your tax bill, tax deductions They reduce your taxable income, which can lower the total amount of taxes you must pay.

✅ Student Loan Interest

You can deduct up to $2,500 of interest paid on student loans, even if you're not itemizing other deductions.

✅ Mortgage Interest 🏡

If you're a homeowner, you may be able to deduct interest paid on your mortgage, significantly reducing your tax burden.

✅ Charitable Contributions ❤️

Have you made donations to charitable organizations? You can deduct those donations, either in cash or in assets. Just make sure you have the appropriate receipts.

✅ Medical Expenses 🏥

If your medical expenses exceed 7.5% of your adjusted gross income, you can deduct the excess. This includes health insurance, prescriptions, appointments, and more.

🚀 How Do You Know If You Qualify for These Benefits?

Although this list covers some of the most common credits and deductions, each tax situation is unique. This is where we come in.

In The Multiservices Family, we specialize in identifying all tax opportunities for our clients. Our team of experts will review your situation in a personalized way to ensure that you get the highest possible reimbursement.

📲 Schedule your appointment today!

Don't leave money on the table. Let our professionals guide you to make the most of every available tax benefit.

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