The EFPR Group of Companies

For over 60 years, our knowledgeable and experienced team of CPAs and business consultants have been serving individuals and businesses in Western New York and around the nation.

Couple smiling as financial advisor shows them the tax credits and deductions available.

Tax Credits and Deductions (Individual)

EFPR Group tax professionals identify any credit or deduction that can be an advantage to your return.

Credits for Individuals

As found on the IRS website:

Family and Dependent Credits

  • Recovery Rebate Credit
  • Earned Income Tax Credit
  • Child and Dependent Care Credit
  • Adoption Credit
  • Child Tax Credit and Credit for Other Dependents
  • Credit for the Elderly or Disabled

Income and Savings Credits

  • Recovery Rebate Credit
  • Earned Income Tax Credit
  • Saver’s Credit
  • Foreign Tax Credit
  • Excess Social Security and RRTA Tax Withheld
  • Credit for Tax on Undistributed Capital Gain
  • Nonrefundable Credit for Prior Year Minimum Tax

Homeowner Credits

  • Residential Energy Efficient Property Credit
  • Low-Income Housing Credit (for Owners)
  • Frequently Asked Questions on Capital Gains, Losses, and Sale of Home

Health Care Credits

  • Premium Tax Credit (Affordable Care Act)
  • Health Coverage Tax Credit

Education Credits

  • American Opportunity Credit and Lifetime Learning Credit

Deductions for Individuals

As found on the IRS website:

Work-Related Deductions

  • Home Office
  • Business Entertainment Expenses
  • Employee Business Expenses

Itemized Deductions

  • Deductible Taxes
  • State and Local Tax Deduction Limit
  • Property Tax
  • Real Estate Tax
  • Sales Tax
  • Charitable Contributions
  • Gambling Loss
  • Miscellaneous Expenses
  • Interest Expense
  • Home Mortgage Interest
  • Moving Expenses

Education Deductions

  • Student Loan Interest
  • Work-Related Educational Expenses
  • Teacher Educational Expenses

Health Care Deductions

  • Medical and Dental Expenses
  • Health Savings Account (HSA)

Investment Related Deductions

  • Sale of Home
  • Individual Retirement Arrangements (IRAs)
  • Capital Losses
  • Bad Debt
  • Opportunity Zones

To consult with one of our experienced tax professionals, please contact us today!

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