What is the difference between a Tax Credit and a Tax Deduction? Other than the fact that they appear on different parts of your tax return there are a few very important differences between tax credits and tax deductions.
Tax Credits – use them or lose them – but sometimes you can save them for later There are a number of tax credits available to reduce your personal income tax bill. An understanding of how they work can be very helpful in planning to pay the least amount of tax.
Do your kids love to play sports? Do they participate in teams, clubs or sports camps through the year? If so, the Children’s Fitness Tax Credit will benefit you. It provides an annual tax credit of up to $500 per child to help cover the cost of these programs.
Many people want to do their part to help the environment, but worry about the extra costs. Regular use of public transit can be a huge step toward reducing your carbon footprint, and often the annual cost is less than car insurance alone, not to mention gas, parking, and repairs and maintenance. Now, as an added […]
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