Look for credits to lower your tax bill 

A wide variety of tax credits are available to individuals and businesses. Overlooking them can mean losing out on tax savings.

Here's a brief, partial listing of credits you may be able to claim on your 2000 return. Be aware that tax credits are subject to an array of limitations and restrictions. Please check for specific details on any credit that you think may apply to you.

*Child and dependent care credit: A credit for certain child care expenses you pay in order to work or go to school.

*Child tax credit: A credit of $500 per year for each child under the age of 17.

*Additional child tax credit: A credit you may qualify for if you have three or more children and do not claim the full $500 child tax credit for each child.

*Adoption credit: A credit of up to $5,000 ($6,000 for a special needs child) for certain adoption expenses.

*Education credits (Hope scholarship and lifetime learning): Credits for qualifying expenses paid for post-secondary education.

*Credit for the elderly or disabled: A credit available if you are over age 65 and meet certain income limitations, or you are permanently disabled.

*Foreign tax credit: A credit for taxes you pay on foreign income that is also subject to U.S. income tax.

*Credit for taxes withheld: A credit for excess social security taxes paid on your behalf when you have more than one employer.

*General business credit: Credits that include the rehabilitation credit, energy credit, and welfare-to-work-credit.

Making the most of credits can be a simple way to reduce the taxes you owe. For help in determining which credits will benefit you, give us a call.

© Copyright 2001 Raymond S. Kulzick. All rights reserved. 010205.

This publication provides business, financial planning, and/or tax information to our clients. All material is for general information only and should not be acted upon without seeking appropriate professional assistance.

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Copyright © 2001 Kulzick Associates, PA - Last modified: September 13, 2008