The earned income credit (EIC) is one of the most beneficial credits for individuals with children or those that are low income. Created in 1975 as an incentive for people to work, this credit potentially… Earned Income Credit – How Does It Work?
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… What Are Exemptions?
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… An In-Depth Look At The Tuition And Fees Deduction
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… The Difference Between 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… Most Commonly Missed Deductions And Credits
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… Tax Credits vs Tax Deductions
The Hope credit (renamed the American Opportunity credit) and the Lifetime Learning credit are tax credits for taxpayers who pay certain higher education costs. These credits depend on the amount of qualified tuition and related… What are the Hope credit and the Lifetime Learning credit?
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… Tax Benefits for Members of the Military
Are you planning on claiming the Earned Income Tax Credit (EITC) or the Child Tax Credit (CTC) on your federal tax return this year? If yes, then you should know some things have changed since… Earned Income Tax Credit And Child Tax Credit – What Changed
The Earned Income Tax Credit (EITC) is a refundable tax credit given to taxpayers that earn a low-to-moderate income from a job or through self-employment. According to the IRS, around 25 million eligible filers received… Don’t Miss Out on Claiming the Earned Income Tax Credit This Year