{"id":741,"date":"2016-11-22T13:57:27","date_gmt":"2016-11-22T13:57:27","guid":{"rendered":"http:\/\/onlyfordentists.com\/blog\/?p=741"},"modified":"2016-11-22T13:57:27","modified_gmt":"2016-11-22T13:57:27","slug":"dont-miss-these-tax-credit-opportunities","status":"publish","type":"post","link":"https:\/\/onlyfordentists.com\/blog\/2016\/11\/dont-miss-these-tax-credit-opportunities\/","title":{"rendered":"Don’t Miss these Tax Credit Opportunities"},"content":{"rendered":"

\"Itemized<\/a>Tax deductions aren\u2019t the only things to consider when looking for ways to reduce your tax bill. There are a number of tax credits that you may be able to claim. A tax credit reduces your tax liability dollar for dollar (and, in some instances, may be fully or partially \u201crefundable\u201d to the extent of any excess credit).<\/p>\n

Child-related Credits<\/strong><\/p>\n

Parents of children under age 17 may claim a child<\/em> tax credit of up to $1,000 per qualified child. The child tax credit is phased out for higher income taxpayers.<\/p>\n

A different credit of up to $13,400 is available for the payment of qualified adoption expenses<\/em>, such as adoption fees, attorney fees, and court costs. The credit is phased out at certain income levels, and there are certain restrictions as to the tax year in which the credit is available.<\/p>\n

Look into claiming the child and dependent<\/em> care credit<\/em> if you pay for the care of a child under age 13 while you work. It\u2019s available for 20% (or more) of up to $3,000 of qualifying expenses ($6,000 for two or more dependents). This credit isn\u2019t confined to child care expenses \u2014 it may also be applicable for the care of a disabled spouse or another adult dependent.<\/p>\n

Higher Education Credits<\/strong><\/p>\n

The American Opportunity<\/em> credit can be as much as $2,500 annually (per student) for the payment of tuition and related expenses for the first four years of college. A different credit \u2014 known as the Lifetime Learning<\/em> credit \u2014 is available for undergraduate or graduate tuition and for job training courses (maximum credit of $2,000 per tax return). You\u2019re not allowed to claim both credits for the same student\u2019s expenses, and both credits are subject to income-based phaseouts and other requirements.<\/p>\n

Sometimes Overlooked<\/strong><\/p>\n

One credit that taxpayers sometimes miss is the credit for excess Social Security<\/em> tax<\/em>withheld. If you work for two or more employers and your combined wages total more than the Social Security taxable wage base ($118,500 in 2015), too much Social Security tax will be withheld from your pay. You can claim the excess as a credit against your income tax.<\/p>\n

The alternative minimum tax<\/em> (AMT) credit is another credit that\u2019s easy to overlook. If you paid the AMT last year, you may be able to take a credit for at least some of the AMT you paid. The credit is available only for AMT paid with respect to certain \u201cdeferral preference\u201d items, such as the adjustment required when incentive stock options are exercised.<\/p>\n

We can provide more details regarding these and other tax credits that may be available to you or your business, so give us a call today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tax deductions aren\u2019t the only things to consider when looking for ways to reduce your tax bill. There are a number of tax credits that you may be able to claim. A tax credit reduces your tax liability dollar for dollar (and, in some instances, may be fully or partially \u201crefundable\u201d to the extent of […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-741","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-taxes","7":"entry"},"_links":{"self":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/comments?post=741"}],"version-history":[{"count":1,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/741\/revisions"}],"predecessor-version":[{"id":742,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/posts\/741\/revisions\/742"}],"wp:attachment":[{"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/media?parent=741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/categories?post=741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/onlyfordentists.com\/blog\/wp-json\/wp\/v2\/tags?post=741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}