Should you claim a tax credit or deduction on your taxes?
A nonrefundable credit can reduce your tax liability to zero but not below that. Refundable credits can reduce your liability to zero, and if there’s any remaining credit, you’ll get the balance refunded. Common tax credits include the Earned Income Tax Credit (EITC), which is refundable, and the Child Tax Credit.
Tax deduction or tax credit? What to claim this tax season
Navigating the complexities of tax season can be daunting, especially when deciding between a tax deduction or a tax credit.
Tax credits and deductions: What you need to know for 2024 tax filing
The IRS has made its annual inflation adjustments for more than 60 tax provisions, including tax rate schedules and the standard deduction.
IRS increases deductions for 2024 income taxes
Tax filing season has begun. The Internal Revenue Service has information for people who are already filing their returns.
Getting ready for tax season? Everything you need to know about the child tax credit.
Here is what you should know about the child tax credit for this year's tax season and whether you qualify for it.
What to know about federal tax credits
Tax credits are often more valuable compared to deductions because they directly reduce your tax bill dollar-for-dollar.
Did you claim the Earned Income Tax Credit?
The IRS says 1 in 5 eligible taxpayers miss out because they do not know this credit is available.
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Tax credit vs. deduction: Which is better?
The secret is in leveraging both tax deductions and tax credits. Before you start your tax return, let’s clarify the differences between a tax credit and a tax deduction and how both ...
Maximize Your Tax Refund With These Must-Know Hacks From Experts
It’s getting to be that tax time of year! Filing taxes, like paying taxes, may not be an enjoyable to-do, but receiving a ...
How much should you be paying for tax prep? Read this first.
Major tax-prep providers like Intuit’s TurboTax and H&R Block say they can do “simple” federal income-tax returns for free.
Tax season is another reminder that our tax code is too complex
Tax season may never be seen as fun, but this year provides Washington a perfect opportunity to make it less confusing.
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Tax preparation: You could be leaving up to $5,000 on the table at tax time, expert says
Tax season is here, and many taxpayers could be leaving thousands of dollars on the table, according to a FOX Business report ...
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Virginia Democrats propose $1 billion in tax rebates in lieu of governor’s car tax plan
The Virginia House and Senate money committees presented their versions of the proposed budget. Notably absent from either ...
Tax Deductions for Homeowners: 8 Breaks You Get for Owning Your Own Home
The mortgage tax break is one of the most common. It enables you to deduct the home mortgage interest on the first $750,000 ...