Introduction Unlike employees, independent contractors do not have taxes withheld from their payments. Instead, under IRC § 1402, they must pay self-employment tax and income tax directly to the...
Introduction The IRS requires taxpayers to pay taxes throughout the year, either through withholding or estimated tax payments. If you underpay your taxes, you may face penalties and interest...
Introduction The Additional Child Tax Credit (ACTC) helps eligible taxpayers receive a refundable credit if they do not qualify for the full $2,000 per child Child Tax Credit (CTC)....
Introduction If you are self-employed, an independent contractor, or earn non-W-2 income, you may be required to make estimated tax payments throughout the year. Under IRC § 6654, the...
Introduction The Credit for Other Dependents (ODC) is a non-refundable tax credit designed to help taxpayers supporting qualifying dependents who do not qualify for the Child Tax Credit (CTC)....
Introduction If you made energy-efficient upgrades to your home in 2025, you may qualify for a tax credit that reduces your federal tax bill. Under IRC § 25C and...
Introduction The Saver’s Credit, also known as the Retirement Savings Contributions Credit, helps low-to- moderate-income taxpayers save for retirement by offering a tax credit for contributions to eligible retirement...
Introduction The Lifetime Learning Credit (LLC) is a valuable education tax credit that helps taxpayers reduce the cost of higher education. Under IRC § 25A, the LLC provides a...
Introduction The American Opportunity Credit (AOC) is a valuable education tax credit that helps students and parents reduce the cost of higher education. Under IRC § 25A, eligible taxpayers...
Introduction Many taxpayers miss out on valuable tax deductions that can significantly lower their taxable income and increase their refund. Under various sections of the Internal Revenue Code (IRC),...