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30 THE QUEENS COURIER • MARCH 21, 2019 FOR BREAKING NEWS VISIT WWW.QNS.COM Tax Deductions are virtually gone but Tax Credits are alive and well ! It Pays to know your Tax Credits ! by Will De Jesus CPA, CIA, CISA CEO and CO-founder TaxTerminal.com Inc. The recent tax reform has eliminated non-reimbursable tax deductions along with moving expenses, tax prep fees and the legal fees deductions. In addition, they have reduced the allowable home interest deduction to only deducting the interest resulting from 750K of home debt down from 1 million. What does this mean? ... It means that if you own a home or are looking to purchase a home and obtain a mortgage �� However, if you have a mortgage above 750K then that portion of the interest will no longer be deductible. �� Although deductions are a favorable way to reduce your taxable income therefore allowing for your tax rate to be applied to a smaller tax basis, Tax Credits can be far more favorable if you qualify. Tax �� however tax credits are a one for one reduction in your tax liability. For Example…if you were to take a tax �� Here are some Personal and Business tax credits that are back for the 2019 Tax Season: Personal: Adoption Expense Credit – Form 8839 Education Credits – Form 8863 Child & Dependent Care expense Credit – Form 2441 Child Tax Credit & Other Dependent – Forms 2441, 8812 �� Retirement Savings Contribution Credit – 8880 Plug In Electrical Vehicle Credit – Form 8936 Earned Income Credit – Form – Form EIC IRC 32 Business Tax Credits The General Business Credit – Form 3800 Small Employer Health Insurance Premiums Credit – Form 8941 Credit for Employer provided child care facilities – Form 8882 Credit for Employer Paid Social Sec and Medicare Taxes on Certain Employee Tips – Form 8846 Credit for Small Employer Pension Plan Startup costs – Work Opportunity Credit – Form 5884 Employer Credit for Paid Family Leave &Medical Leave – Form 8994 Credit for increasing research activity – Form 6765 IT PAYS TO KNOW YOUR TAX CREDITS !!!! Will DeJesus CPA, CIA, CISA Founder & CEO TaxTerminal.com Inc. LiC START YOUR CAREER With A Job That’s Right For You! Try Real-Time Job MatchingTM & Get Hired Fast www.DreamJobsNYC.com EMPLOYERS: To Place an Ad Call 718 260 2555 Louis Carino Year Round Service TAX ACCOUNTANT- FINANCIAL PLANNER "Over 20 Years Of Personalized Service" • Preparation of all business & personal returns • Bookkeeping & payroll services available • E-file provider Tel. (718) 767-6597 Fax. (718) 747-6149 Cell (917) 373-5975 LJC@loucarino.com 166-26 Powells Cove Blvd. • Ste 4D • Beechhurst, NY 11357 Call Now & End Your Tax Nightmare! �� Co-Author of the best selling book “Breaking the Tax Code” �� Salvatore P. Candela, EA, ATA, ABA Enrolled Agent - Tax Advisor �� /TaxTerminal.com link /WWW.QNS.COM /www.DreamJobsNYC.com /TaxTerminal.com /www.DreamJobsNYC.com link