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 utilizing different techniques in reducing the amount you pay in taxes. Deductions and credits are actually considerably different creatures and…
Are you wondering how the new IRS tax law changes will affect you? Be prepared with need-to-know answers to all your tax reform questions. We’ve been keeping track of all the tax law changes so you don’t have to. Domestic Production Activities Deduction This deduction was repealed, making it no longer available after December 31,…
Most taxpayers know about the big itemized deductions that can lower your tax bill, like mortgage interest, state income taxes, real estate taxes, and charitable donations. But these are just the most obvious ones to put on Schedule A. If you really want to pry loose some additional money-saving deductions, you’ll need to think beyond…
