Income Tax Breaks

It’s that time again. Tax season is just around the corner, and some have already gotten started on the process. When it comes to working on your taxes, it can seem overwhelming. No matter how well you planned the year before, you may be worried that you did something wrong or will still owe the government more money. Correct planning, and understanding the income tax breaks that are in place can be the best ways to save money when it comes to tax season. Here are Coastal Business Services, LLC, we are ready to help you out so you can avoid the headaches, and maybe get some money back, during tax season.

So what is a tax break, or tax credit? This is basically a credit that helps to reduce the amount you owe on your tax payment. The more credits you can claim, the more money will stay in your pocket. Depending on your income bracket and the amount of tax credits you receive in one year, you could even bring home a refund this tax season.

So how do you get these tax breaks? First, you have to qualify for the different ones offered. Finding a tax professional for income tax breaks can be a great way for you to get all the tax breaks you deserve. It is easy for individuals to miss out on something or to run into confusion when it is time to file their taxes. The qualified tax preparers at Coastal Business Services are here to help you with all your income tax break needs. Whether you are new to filing taxes or just want to make sure you get the help credits you can, our professionals are here to help make this a reality.

Individual Credits

The IRS splits up your income tax breaks into two sections; individual credits and deductions and business credits and deductions. Coastal Business Services has experience to help you out with your individual income tax breaks, and you may be surprised at how much money we can help you get back from the IRS.

There are many individual tax breaks available depending on your situation. Some of the, such as the Earned Income Tax Credit, may be ones you have heard about in the past. The professionals at Coastal Business services can look through your unique situation and find all of the tax breaks, both common and uncommon, to save you money. Some of the individual tax breaks we will look for include:

• Earned Income Tax Credit—this tax credit applies to individuals who are working and who fit in the low or moderate income brackets. You must file a return, even if you don’t owe the IRS any money or don’t need to file. This credit can reduce how much you owe in taxes.
• Education credits—if you or your child attend school and have to pay out of pocket, Coastal Business Services can help you to earn a income break on these expenses.
• Child and Dependent Care Credit—this credit can go to daycare expenses for your child while you are working or looking for work. There are some income requirements that our professionals can assist you with for earning this credit.
• Adoption credit—if you adopted a new child into your home, the IRS offers a tax break to help with qualifying expenses. You must make below a certain amount and will file after the adoption is completed.
• Retirement Savings—for taxpayers who put money towards their retirement, Coastal Business Services can help you to uses this information to save money on your taxes.
• Charitable donations—in some cases, it is possible to receive an income tax break by giving charitable donations. This can sometimes get confusing on how much is allowed for the tax break and what paperwork is needed, so let our professionals help any time you have given a charitable donation.

These are just a few of the individual income tax breaks you may qualify on your taxes this year. When you come to visit Coastal Business Services, we will check your tax situation against each of these tax breaks and see how many you can qualify for without any additional work or stress on you.

Business Credits

Running a business can get expensive. You have many things to worry about, such as paying employees, getting enough business supplies and more, that often keeping afloat is difficult. Many business owners don’t realize they can claim some of these expenses on their tax returns and get a break on how much they owe. Coastal Business Services is here to help even businesses earn an income tax break by finding all the credits and deductions that apply to business owners. Some of the tax breaks we will look for with your business include:

• Health Care Tax Credit—if you provide health care to your employees and are a small employer, you can use this tax credit. You need to have 25 or less full time employees, pay less than $50,000 a year to your employees, and pay 50 percent or more of the insurance premiums to get this credit.
• Business expenses—you are able to deduct personal expenses, capital expenses, and expenses that are used to figure out how much cost goes into the goods sold. Make sure to bring in your accounting and receipts to Coastal Business Services so we are able to get every penny accounted for and give it back to you.
• Home office deduction—many businesses work out of their home to save money and for the convenience. If you use your home on a regular basis, or exclusively, as a home office, you could deduct some expenses such as repairs, utilities, and mortgage interest on your taxes.

Don’t let all the taxes on your business take money out of your pocket. Let the professionals at Coastal Business Services be your tax preparer and find out how much more you can save this tax season.

When you are looking for a tax preparer who can help you with all your tax needs, look no further than the experience of Dennis O’Brien from Coastal Business Services, LLC. Located in Farmingdale, NJ, O’Brien has been helping individuals and businesses get the tax breaks they need for years. Give us a call today at 732-996-0608 to get started on your taxes today!