What are tax credits?

Tax credits are an economic refund provided by the IRS Department of Internal Revenue, to taxpayers who meet the requirements to obtain them.

Most tax credits are nonrefundable

Some credits can be refundable, meaning that the person can add the amount of the credit plus his own refund for extra payments made to the IRS and this increases the taxpayer’s refund. But there are other credits that only help you reduce the Tax to pay, that are, if instead of having money returned you have to pay Uncle Sam, the credit helps you lower the amount you would have to pay. That is why it is very important to have the help of a professional and experienced tax preparer, since there are some cases in which taxpayers can make use of certain credits which allow them to take a larger refund or be able to pay less on their taxes. , but unfortunately their tax preparers did not claim them or, on the contrary, the preparer puts a credit that did not correspond to them and that is a problem for the taxpayer because being subject to an audit they would not know what to do or say why I claim that credit that was not due and that error would end in the taxpayer having to return that money to the IRS with interest and penalties.

Review of Taxes made in previous years

Our office Villacorta Professional Services – Income Tax Preparers. We offer the Income Tax review service as a second review of taxes made in previous years. With the tax review you can find errors that can be corrected and this will not have serious consequences for the taxpayer or claim a credit that was not used and this would allow you to obtain an extra refund.