Introduction If you paid foreign taxes on income earned outside the U.S., you may be eligible for the Foreign Tax Credit (FTC), which helps avoid double taxation. Under IRC...
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 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 Getting a larger tax refund starts with smart tax planning. Many taxpayers miss out on deductions, credits, and tax-saving strategies that could increase their refund. This guide explains...
Introduction Understanding the difference between tax credits and deductions is essential for maximizing your tax savings. While both reduce your tax liability, they work in different ways. Tax deductions...