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Tax season is here — are you claiming all of the exemptions you deserve? Linda M. Shiraiwa, CPA PS Inc. wants to make sure you aren’t overlooking any tax deductions and credits you may be eligible for. Serving clients in and around Gig Harbor, WA, this CPA wants to provide you with a good tax education so you can hold onto more of your hard-earned money.

Here are a few of the most common exemptions and credits you should not miss out on when filing your taxes this year:

  • tax educationCharity Donation Write-Offs: What goes around comes around, and this is especially true during tax season. Compile a record of any out-of-pocket donations you’ve made to charities over the past year, as these are deductible to the extent allowed by law.
  • Dependent Care Tax Credit: Tax credits are extremely valuable because they lower your overall tax bill rather than reducing your taxable income. You can run as much as $5,000 worth of your child and dependent care expenses through a reimbursement account. You can also claim an additional $1,000 for child or dependent care that is work-related.
  • Earned Income Tax Credit: The EITC typically applies to low-income employees, but anyone who has worked fewer hours, experienced a pay decrease, or even lost their job in 2016 may qualify for it. This tax credit may range from approximately $500 to $6,000, so you do not want to neglect this opportunity. 

Your tax education can make a huge difference when it comes time for you to file, so rely on Linda M. Shiraiwa, CPA PS Inc. when you want the best returns. Give her a call at (253) 858-6030 today to schedule accounting services. Visit her website to find out more information about tax education, bookkeeping, and more.

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