Saving money this upcoming tax season is easy: you only have to know what you can apply for and follow the rules in obtaining the credit. You don’t even need an accountant to guide you along the process- but they can certainly help if you are oblivious to the new credits.
Several credits apply only for families with children.An example would be the Child Tax Credit that is available. Under this tax credit, anyone with a child is eligible to receive up to $1,000 for each dependent living with them. Certain rules do apply, such as the child being a citizen and living with the parent for over six months. Other conditions must be followed to get consideration.
Families need all the help they can get- especially those with low income. A low income household can apply for the Earned Income Tax Credit, which is given to a family if they are within a certain income bracket. Those in the lower rungs of the bracket will get more in total, while those earning more will get a little less come tax season.
Financing a special needs child is difficult. A special needs child will likely have excessive physician bills and require special care. The Special Needs Adoption Tax Credit comes into play for families that wish to adopt such a child. The tax credit is worth $10,000 in total if qualified. One may not renew this tax credit, but it certainly helps upfront costs to be paid off.
Business owners can get on the fun too! A new tax credit known as the Missouri Alternative Fuel Infrastructure Tax Credit was established to promote alternative fuel infrastructure projects. The great thing about this tax credit is that it can be used in purchasing land, new constructions, and buying existing structures for use in strengthening the infrastructure of the business to be more “green” and help save the environment.
Missouri, like any other state, has distressed communities that have few opportunities due to the economic downturn. In order to spur new growth in poor communities, the Missouri government enacted the Rebuilding Communities Tax Credit. It allows a business to gain tax credits for the process of moving an operation to a distressed community. There are strict qualifications to follow, and only certain determined locations will be eligible for a business to move to for the credit.
There are large numbers of tax credits available. Many of them you might never heard of, so it’s best to consult an account, a tax credit specialist, or consult the Missouri state website yourself. From the family to the business, tax credits exist for nearly role and purpose for immediate relief.
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