What we do?
Take a look in the taxation areas we cover for you! Reach out to us and have your tax prepared without any worry.
The tax legislation offers a number of deductions and credit options that might help you reduce your tax liability. Contributing to an employer-sponsored retirement plan or your own individual retirement account can frequently lower your taxable income (IRA). You may also be entitled to the child tax credit if you have dependents.
The United States has a progressive tax system, which means that when your income rises, it is taxed at a higher marginal rate. Your marginal tax rate is the tax rate associated with the tax band in which your most recent tax payment was made. For instance, if your taxable income in 2022 was $525,000 and it fell under the 35% tax band, your marginal tax rate would be 35%. The overall proportion of your taxable income that is allocated to income taxes is your effective tax rate.
Considering all other factors equal, a tax credit is frequently preferred over a tax deduction. Tax deductions lessen your taxable income, but tax credits equal a dollar-for-dollar reduction in your tax obligation.
Here’s a short video our employees put together to help you better understand taxes and what we do!