Nov 18 ā¢ š§ Mindset & Motivation
š° Tax Tip Tuesday: Small Moves = Big Money Saved
Good afternoon Tax Pros, letās sharpen our game.
Todayās reminder is simple but powerful:
š Tax Tip:
Make sure every client understands the difference between a deduction and a credit.
Most taxpayers mix the two up and that confusion can cost them money and cost you time.
Break it down the Bully way:
- Deductions lower taxable income.
- Credits lower the actual tax owed.
- Refundable credits can put money in their pocket even if they owe nothing.
- Nonrefundable credits can reduce the tax to zero but wonāt trigger a refund.
When your clients understand the basics, theyāre easier to educate, easier to guide, and easier to retain.
š§ Pro-Level Insight:
New preparers: mastering credits (EITC, CTC, AOTC, HOH) is how you protect your PTIN/EFIN, stay compliant, and avoid risky returns.
Advanced preparers: document EVERYTHING. If you canāt prove it in writing, it never happened.
āļøTodayās Task:
Pick one credit ā EITC, CTC, AOTC, or HOH ā and write a simple, client-friendly explanation in your own words.
Post it in your community or in your notes.
Turn it into a script you can use this season.
āDiscussion Question:
What credit do YOU think clients misunderstand the most and why?
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š° Tax Tip Tuesday: Small Moves = Big Money Saved
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