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),...
Introduction When filing your tax return, you must choose between the standard deduction and itemized deductions to reduce your taxable income. Under IRC § 63, taxpayers can either: Take...
Introduction Tax credits help reduce your tax liability, but not all tax credits work the same way. There are two types of credits: Refundable tax credits can reduce your...
Introduction If you moved in 2025 for work or personal reasons, you may wonder whether moving expenses are tax-deductible. Under the Tax Cuts and Jobs Act (TCJA) of 2017,...
Introduction The State and Local Tax (SALT) deduction allows taxpayers to deduct certain state and local taxes from their federal taxable income. Under IRC § 164, you can deduct...
Introduction Teachers and educators often spend their own money on classroom supplies, but the IRS provides some tax relief through the Educator Expense Deduction. Under IRC § 62(a)(2)(D), eligible...
Introduction Donating to charity not only supports important causes but may also provide tax savings. Under IRC § 170, taxpayers who itemize deductions can deduct qualified charitable contributions to...
Introduction If you’re making student loan payments, you may be eligible for a tax deduction that reduces your taxable income. The student loan interest deduction, outlined in IRC §...