Page 28 - AreaNewsletters "Feb'20" issue

Pro Accounting
& Tax Services, LLC
Janell D. Ball, Accountant Castle Rock, CO 80108
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(303) 223-3303 Fax jdball65@gmail.com proaccountingtaxservices.com
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February 2020 • Castle Rock “AreaNewsletters” 28
Tax Tips
By Janell Ball, RTRP, Pro Accounting & Tax Services, llc
The IRS has announced the official start date for accepting personal income tax returns on January 27, 2020, but will not start processing returns with the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until mid-February 2020.
Tax Deductions vs.Tax Credits
As a taxpayer you should understand the di erence between the Tax Deductions and the Tax Credit:
Tax deductions are valuable because they reduce the amount of your income that is subject to tax. For example
A $1,000.00 deduction will reduce your taxes by $200.00, these are expenses that are helpful and appropriate.
A tax credit reduces your taxes, dollar for dollar. For example, the Child tax credit for 2019 is $2,000.00 per qualifying child and this credit is a refundable credit up to $1400.00 per qualifying child.
Do you need or qualify for a 401K plan? If you are a self-employed business with a W-2 yes you can setup a 401K plan and defer up to $56,000.00 in income. Please check with your tax preparer about getting this setup and start saving for your retirement.
If you need help with tax planning now is the time to get on that task, give me a call at 303-324-8617 to discuss your tax needs.
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