What Are Exemptions?
The term “exemption” is often one that inspires bewilderment and perplexity among the most intelligent individuals. When filing your personal tax return or even filling out a W-4 for your employer, you may not be…
Tax Deductions
An In-Depth Look At The Tuition And Fees Deduction
There are several ways in which education expenses can be used to decrease your tax burden. In addition to the Hope Credit, the Lifetime Learning Credit, and the student loan interest deduction, there is also…
The Difference Between Deductions And Credits
When filing your personal income tax return, there are primarily two ways to reduce your tax liability: deductions and credits. Although any way to pay Uncle Sam less is greatly appreciated, there are advantages to…
Most Commonly Missed Deductions And Credits
In all the complexity of tax preparation, it is easy to miss a deduction or credit. This is a particular advantage to utilizing a professional tax service because they ask all the questions you may…
Tax Credits vs Tax Deductions
Tax credits and tax deductions are two different types of tax breaks. Both can lower your tax bill, but they work in different ways. What is a tax deduction? A tax deduction is an expense that you can subtract from your yearly…
Commonly Overlooked Tax Deductions
Taxpayers know that there are tax deductions out there to be utilized to reduce the taxes paid on your income. Most are aware of the common deductions, but there are many deductions that simply get…
Tax Benefits for Members of the Military
Military members benefit from a variety of special tax benefits. These include certain nontaxable allowances, non-taxable combat pay, and a variety of other special tax provisions. Here is a rundown on the most prominent of…
Standard Deduction vs Itemized Deduction – What’s The Difference?
The Most Common Tax Question: Which Deduction Should You Take? Every taxpayer has the same decision to make when filing a federal return:Do you take the standard deduction or do you itemize? The right choice…
Can You Claim a Baby Who Was Just Born on Your Taxes?
Understanding Dependent Rules for Newborns and Refundable Credits If your baby was born during the current tax year, you may be able to claim your child as a dependent on your tax return, even if…
8 Tax Deductions you may be Overlooking
And How They Could Increase Your Refund Most taxpayers only claim the “obvious” tax deductions—standard deduction, interest, dependents, maybe retirement contributions. But the IRS allows dozens of deductions most people don’t even realize they qualify…