Tax credits and deductions change the amount of a person’s tax bill or refund. People should understand which credits and deductions they can claim and the records they need to show their eligibility. Tax credits A tax credit reduces the income tax bill dollar-for-dollar that a taxpayer owes based on their tax return. Notice in the image…
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 Domestic Production Activities Deduction This deduction was repealed, making it no longer available after December 31,…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…
