Individual Returns

Whether it comes in the form of wages, dividends, interest, trust distributions, your interest in a passthrough business, or any other myriad sources, the income you receive will ultimately be reported on your individual tax return.

Our tax advisors will blunt the impact of your tax bill by devising a strategy that focuses on your current and prospective activities and utilizing all applicable tax-saving features in the U.S. Tax Code to reduce your tax liability – both for the current and future tax years.

Tax Deductions

Tax deductions are expenses allowable by the provisions of the U.S. Tax Code to offset your reportable income. Tax deductions for individuals generally fall under one of the following categories:

• Work Related Deductions
• Itemized Deductions
• Education Deductions
• Health Care Deductions
• Investment Related Deductions

Tax Credits

Unlike a tax deduction, a tax credit is a dollar-for-dollar reduction to the tax you owe. This makes tax credits more valuable than tax deductions on a dollar-for-dollar basis. There are two types of tax credits:

1. A nonrefundable tax credit means you get a refund only up to the amount you owe.
2. A refundable tax credit means you get a refund, even if it's more than what you owe.

Tax credits for individuals generally fall under one of the following categories:

• Family and Dependent Credits
• Income and Savings Credits
• Homeowner Credits
• Health Care Credits
• Education Credits