FAQ
Get Informed
If I work from home, what deductions do I qualify for?
If you work from home, you could get some sizable deductions. Do you have a home office for exclusively business purposes? If so, you might be able to get a deduction for home-related expenses like property taxes. Travel or meal expenses might also qualify for deductions if you incur these expenses as part of your job. Don’t hesitate to reach out to TG Tax & Bookkeeping to learn more!
Why does my business need a bookkeeper?
Having a bookkeeper will ensure that all of your business records are up-to-date. Additionaly, it is their job to catch discrepancies that you may over look between the books and your business account, so that you can resolve them as quickly as possible.
What is the difference between Tax Deductions and Tax Credits?
Tax deductions reduce the amount of taxable income you have. For example, suppose you make $50,000 per year, which places you in the 22% tax bracket. A standard tax deduction of $12,000 would reduce your taxable income to $38,000. As a result, you would only be taxed on that amount. On the flip side, a tax credit reduces the amount of money you owe in taxes. So, if you get a tax credit of $1,000, you will pay the IRS $1,000 less.