Introduction Many taxpayers miss out on valuable deductions simply because they don’t know they exist. The IRS tax code allows for several deductions that can reduce taxable income, but...
Introduction Legal fees can be expensive, but some may be tax-deductible if they meet IRS guidelines. The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated most personal legal...
Introduction The Child Tax Credit (CTC) is a valuable tax benefit for families with dependent children, helping to reduce tax liability and, in some cases, provide a refund. The...
Introduction Homeowners who invest in energy-efficient upgrades can qualify for valuable tax credits, helping them save money while reducing their carbon footprint. The IRS offers two main energy tax...
Introduction Charitable donations can lower your tax bill while supporting causes you care about. The IRS allows deductions for qualified contributions, but specific rules apply. To claim the deduction,...
Introduction Higher education can be expensive, but the IRS offers tax credits that help students and parents reduce their tax burden. The American Opportunity Tax Credit (AOTC) and the...
Introduction Medical expenses can be a significant financial burden, but the IRS allows taxpayers to deduct qualified medical costs that exceed a certain percentage of their adjusted gross income...
Introduction Many taxpayers miss out on valuable deductions simply because they don’t know they exist. The IRS tax code allows for several deductions that can reduce taxable income, but...
The end of the year is creeping up fast, and while you’re busy planning holiday gatherings and gift lists, don’t forget about something equally important—your taxes! Year-end compliance is...