Tom Deyak, CPA •
A tax credit is typically always more beneficial than a tax deduction as a credit is a dollar for dollar reduction in income tax, where as a tax deduction is a reduction of income tax in proportion to your income tax bracket (i.e. $100 deduction in the 25% tax bracket will save you $25 in income taxes).
One business tax credit that is currently available to taxpayers is the Disabled Access Credit. This tax credit has specific requirements and often raises confusion among taxpayers in determining if they are able to qualify and take advantage of the credit. Our goal is to help explain this credit and answer some of those common questions.
A tax credit is typically always more beneficial than a tax deduction as a credit is a dollar for dollar reduction in income tax, where as a tax deduction is a reduction of income tax in proportion to your income tax bracket (i.e. $100 deduction in the 25% tax bracket will save you $25 in income taxes).
One business tax credit that is currently available to taxpayers is the Disabled Access Credit. This tax credit has specific requirements and often raises confusion among taxpayers in determining if they are able to qualify and take advantage of the credit. Our goal is to help explain this credit and answer some of those common questions.