Common tax credits and deductions to use to your advantage
Tax season can be overwhelming for some. But here are a few tax credits and tax deductions that might be able to help save you or make you a few dollars!
Key Terms:
Tax credit: reduce the taxes you pay on your taxable income.
Tax deduction: Reduce taxable income
Non-refundable tax credit: can only reduce taxable income down to zero and will not generate a tax refund.
Business Vehicle Expenses
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As a business owner there are multiple costs you may claim on your personal income taxes - vehicle expenses being one of the classifications of these costs. Not only does accurate expense documentation contribute to the total amount claimed, but the type of vehicle you own will have an affect as well.