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:
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
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