Three Helpful Tips for Tax Relief in the United States

Escaping taxes might be higher, especially when you are an existing US Citizen. If you want to avoid paying taxes, you need to do thorough research by talking to a team of experts who have a legal background. To be eligible for a tax refund, you must first register with the US IRS to avail of the benefits. Here are some of the tips to avoid paying US taxes :

  • Enrol in Colleges

The Government provides certain relaxation to students who have enrolled in colleges for tax exemptions. If you are a student and want to avail some benefits of your position, you can apply for the credits mentioned below :

  • American Opportunity Tax Credit (AOTC) helps credit money of about $2500, and you can cut off the tuition and course material fees.
  • You can also avail yourself of the Lifetime Earning Credit (LEC), which will help cut off your tuition fees.

International students can also avail of these claims. However, you can claim only one of these credits per year. To get more information on these deductions, you must consult with professionals (including tax relief lawyers and IRS Agents).

  • Income Should Be More Than or the Same as the Standard Deductions

An IRS Interactive Virtual Assistant (IVA) calculated a roundabout Standard Deduction charge of $24000 for a couple whose annual salary was $24,800. For them, their tax charges were rounded off. So, it is possible to escape taxes if your income is higher than Standard Deductions.

  • By Applying for Tax Credits

An individual misses many credits by not filing income tax returns. They do not realize that filing income tax returns are equivalent to earning free money. The IRS rechecks whether you have paid any medical insurance payments. There are many tax credits which individuals can avail themselves:

  • Health Care Tax Credit

This credit was created by the Affordable Care Act (ACA) to promote buying medical insurance at affordable rates for all US Citizens. It can be availed by citizens of the US who have invested in medical insurance from the federal or state marketplaces and is designed for people of the lower-income level groups.

Certain tools are provided online to check whether you are eligible to avail of the health care tax credit. You can consult with tax experts (including tax attorneys in Newport Beach and former IRS agents) to better understand the Health Care Tax Credit.

  • Family Tax Credit

Beneficiaries and non-beneficiaries can avail the Family Tax Credit. A family with a child under 17 can avail of the benefit, or if a child is 17 or 18 and still financially dependent on you or if a child is above 18 and is carrying on his tertiary education may avail the said benefit. Usually, around $3,000 is credited to children between the ages of 6 to 17.

When you are an earning citizen in the United States, you might get into tax disputes if you don’t pay them on time by the US IRS. A tax expert will help you out understand in detail about tax avoidance. To get tax relief, you must consult a professional team of tax experts and get rid of financial doubts easily.