Income Tax

Income Tax

As a former principal at HLB Gross Collins, I am pleased to continue to be able to work with the firm’s professionals as the Chief Financial Officer of a long-time client of the firm. Serving a complex operation such as Mirasco’s is challenging, and Michael Bohling and Iliana Malinov meet that challenge by constantly thinking about our business and being in regular contact with me. Along with the managers, Adil Amou and Michelle Jenkins, they keep us current on reporting and tax developments. Our international scope requires advisors who are constantly thinking about all the implications of our transactions, and the HLB team does a great job bringing us ideas and responding to our questions.

Rick Hamilton EVP & CFO

MIRASCO Inc.

Many people prize tax deductions. The promise of a deduction can affect decisions in many areas, including charitable contributions, home buying, and investing in rental property. However, tax deductions offer only partial relief because they reduce income, not the tax bill. The higher your income and tax bracket, the more you'll benefit from a tax deduction.

A tax credit, on the other hand, is a direct reduction of the tax you owe. If Heidi and Ken both receive a $1,000 tax credit, they'll both trim their tax obligation by $1,000. Moreover, many tax credits have income limits and phaseouts, which effectively means they're available to low- and middle-income taxpayers but not to people with relatively high incomes.

A tax deduction reduces your taxable income, while a tax credit reduces the tax owed.

More credits, more assistance

There are many credits available to taxpayers depending on income. The child tax credit, child and independent care tax credit, higher education credits and more.

Income tax planning will go a long way toward helping you take advantage of all available credits deductions to which you are entitled. HLB Gross Collins, P.C. can help you plan to make the most of these dollar-for-dollar tax savers.

As a new client of HLB Gross Collins, we have found ourselves extremely happy and satisfied with the quality of services offered. Their knowledge, follow-up, timeliness, and organization is superior to those I have seen in the past. They understand the value of building relationships with their clients. All questions and inquiries are answered in a timely manner either via email or phone and they are always willing to accommodate urgent requests. I would highly recommend HLB Gross Collins CPA's to any individual or business for their tax preparation, consulting, and business needs. We look forward to a continued relationship!

Elishiba Hunter

Timothy Baptist Church, Inc.

“Crunching Numbers” for me is only one of the many things I appreciate about HLB Gross Collins. Over the many years of working with Pauline, who I consider my accountant and friend, I have developed a relationship which reflects trust and loyalty. I know she has my best interest as a basis for all her advice. Caring may be the key word. She is always available to guide my decisions in a supportive and professional manner. I consider myself fortunate to be a client.

Sara Thomas

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