- Charity Tax Deduction
There are a lot of reasons to give to charity. The most obvious is that you’re giving money to a cause or group that you believe in. However, there is a common reason beyond that to make a donation: the… read more…
- What Is the First-Time Homebuyer Credit? Does It Still Exist?
The first-time homebuyer tax credit emerged during the 2008 financial crisis to help make buying a home more affordable for Americans. Though various other mortgage programs and loans exist, the tax provision here was strictly for first-time homebuyers. Simply put,… read more…
- Is Canceled Debt Taxable?
No matter how hard you try to keep your debt under control, sometimes it piles up. Depending on your situation, you may be able to cancel some of your debt. That would probably lift a huge weight off your shoulders.… read more…
- Tax Deductions for the Self-Employed
Self-employment tax deductions can reduce how much independent workers pay in federal taxes by offsetting common business expenses. These deductions apply to costs such as health insurance premiums, retirement contributions, home office use and vehicle expenses. These write-offs apply only when they meet IRS criteria related to the taxpayer’s profession. Knowing what qualifies can affect… read more…
- What You Need to Know About the Capital Loss Tax Deduction
When it comes to investing, you can expect to experience both gains and losses. You might even incur a capital loss on purpose to get rid of an investment that’s making your portfolio look bad. And while selling an asset… read more…
- Tax Breaks for Household Expenses in 2024 and 2025
Owning a home can be expensive. Paying for property taxes, repairs and homeowners insurance can significantly reduce what you can spend on luxury items and discretionary goods and services. Fortunately, homeowners may be able to recoup some of the money they’ve… read more…
- Tax Deductions: Is College Tuition Tax-Deductible?
Going to college seems to get more expensive every year. Tuition, fees, room and board for an out-of-state student attending a four-year public institution cost $28,240 for the 2022-2023 school year (on average). About a decade ago, an in-state student… read more…
- Who Can You Claim as a Tax Dependent?
The IRS knows that some taxpayers provide their children and relatives with financial support. That’s why the government offers folks with dependents the opportunity to reduce their tax burden. Being able to claim someone as a dependent may significantly lower… read more…
- Tax Deductions for Miscellaneous Expenses
Making sense of the U.S. tax code can be a daunting feat. That’s why many taxpayers turn to professionals when they need to file their tax returns. Regardless of whether you’re working with a tax accountant or completing your own… read more…
- Tax Deductions: Are Job Hunting Expenses Deductible?
Looking for a new job can seem like a job in itself. And after a while, the expenses associated with finding a new gig start to add up. Even if you put effort into writing a resume and going on… read more…
- What Are Above-the-Line Deductions?
If you’re planning on using a tax break to minimize your tax bite, keep in mind that deductions come in different shapes and sizes. There’s the standard deduction that any taxpayer can claim every tax year just for filing taxes.… read more…
- What Is a Personal Exemption?
Under the tax reform bill that passed into law at the end of 2017, the personal exemption was eliminated. This means you cannot claim it on your taxes starting with the tax year 2019. So the following information on the personal… read more…
- Differences of Tax Credits vs. Tax Deductions
There are a number of ways to decrease your tax burden. The two most popular ones, though, are likely tax credits and tax deductions. While these may seem like they are the same thing, they are actually two very different… read more…
- What Is the Homestead Tax Exemption?
The homestead tax exemption applies to property taxes. It’s generally a dollar amount or percentage of the property value that is excluded when calculating property taxes. The amount or percentage depends on the state, as does who is eligible for… read more…
- Payroll Tax Deductions
Payroll tax deductions are a part of the way income taxes are collected in the U.S.. When you work at a job, a part of your income is taken each pay period, based on a number of factors including your… read more…
- 2025 Child Tax Credit: What Will You Receive?
If you have children or other dependents under the age of 17, you likely qualify for the Child Tax Credit. In 2021, it was temporarily expanded as part of the American Rescue Plan, which was signed by President Biden in March… read more…
- What’s the Standard Deduction for 2024 and 2025?
A tax deduction is a type of tax break that reduces the amount of money you owe the government. Tax deductions decrease your tax burden by lowering your taxable income and you can either claim the standard deduction or itemize your… read more…
- Small Business Taxes
Along with the independence of owning your own business comes a greater level of responsibility. One of those responsibilities is paying business taxes. The business taxes you file will depend on whether the business is a sole proprietorship or whether it… read more…
- Do You Qualify for Property Tax Exemptions?
Property taxes got you down? It’s worth investigating exemptions, deductions and credits in your area. Even if you don’t live in a property that came with a tax abatement, you might qualify for a property tax break through your local… read more…
- 3 Tips for Claiming the Energy Tax Credit
You don’t have to be a die-hard hippie to see the sense in adding renewable energy to your home. What stops homeowners from installing these money-saving features is often the up-front cost or a lack of awareness of how going… read more…
- Get a Tax Break for These 4 Wedding Expenses
After the April showers come May flowers, which means the summer wedding season will soon be in full swing. Tying the knot is an exhilarating experience but planning your nuptials can leave you feeling frazzled, especially if you’re worried about… read more…