Key Tax Deductions for Individuals and Families

Did you know? You can claim credits and deductions when you file your tax return to lower your taxes. A tax credit, as the IRS defines it, is an amount you subtract from the tax you owe. The IRS offers different kinds of it. Maximize your tax savings by leveraging credits and deductions on your tax return, effectively reducing your tax burden!

• If you earn under a certain income level

  The Earned Income Tax Credit (EITC) is designed to assist workers and families with low to moderate incomes by offering a significant tax break. Eligibility for a fast tax refund in Maryland with EITC depends on your income level, and the credit amount may vary based on whether you have children, dependents, a disability, or other specific criteria.

• If you’re a parent

  The Child Tax Credit offers a substantial tax advantage for families with children. This credit is claimable even by those who typically don’t file tax returns, as long as each qualifying child has a valid Social Security number for employment purposes. Parents and guardians with higher incomes might still qualify for a partial credit using tax audit services.

• If you qualify for other personal tax credits

  You may qualify for additional tax credits if you’ve paid foreign taxes to a foreign country or territory and are subject to U.S. taxes on the same income. Often, it’s more beneficial to claim these as a credit rather than an itemized deduction, reducing your U.S. tax obligation.

Other credits you can get with the right tax preparation services in Maryland include those for minimum tax from previous years’ alternative minimum tax (AMT), undistributed capital gains, and withheld Social Security taxes from your wages.

You can’t trust anyone but the best to make tax and financial processes simpler and easier for you! Consider enlisting the expertise of Baltimore Tax & Accounting Services, LLC. We specialize in tailored tax services in Randallstown, Maryland that cater to your unique financial situation, ensuring that tax and financial management are straightforward and stress-free.