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…
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 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…
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…
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…
Important Updates Every Taxpayer With Children Should Understand The Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) are two of the most significant tax benefits available to working families. Because these credits…
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…
Are you wondering who can qualify as a dependent on your tax return? This is your guide to assessing whether one of your family members may be able to be classified as a qualifying dependent…
More families will be able to get more money under the newly revised Child Tax Credit, according to the Internal Revenue Service. The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in…
Understanding the PATH Act Delay and What It Means for Your Refund Every tax season, millions of families depend on refunds tied to the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit…
Did you know about 27 percent of Earned Income Tax Credit returns are paid in error? According to the IRS, the five most common errors account for more than 60 percent of erroneous claims. Remember,…
Why This Matters Right Now Every year, thousands of taxpayers attempt to artificially increase their refund by inflating credits such as: These credits can legitimately produce thousands of dollars in refundable payments. But fraudulently increasing…
