What are tax credits?

• Tax credits are amounts that can be subtracted directly from the total tax you owe.
• Unlike deductions, which reduce the amount of taxable income, tax credits reduce your tax liability dollar for dollar.

What types of tax credits are available in Nevada?

• Nevada offers several tax credits, including those for renewable energy projects, job creation, and investment in low-income areas.

How do I qualify for Nevada tax credits?

• Qualifying for tax credits typically involves meeting specific criteria set out by the state.
• This might include investing a certain amount of money, creating a specified number of jobs, or operating in a particular industry.

Can tax credits be carried forward or backward?

• Many tax credits in Nevada can be carried forward to future tax years if they are not fully utilized in the year they are earned.

Are there any refundable tax credits in Nevada?

• Some tax credits in Nevada may be refundable.
• A refundable tax credit not only reduces the tax liability to zero but also allows for a refund if the credit exceeds the tax owed.

How do I apply for tax credits in Nevada?

• To apply for tax credits, you will typically need to fill out specific forms and provide documentation that demonstrates your eligibility.
• This may include financial records, proof of investment, employment data, and other relevant information.