Student Loan Tax Deductions: What You Need to Know in 2023

By Top Tax Staff

As the cost of higher education continues to rise, student loans have become a reality for millions of individuals pursuing their academic dreams. While managing student loan debt can be challenging, there is a silver lining for borrowers: potential tax deductions that can provide some relief. In 2023, understanding the intricacies of student loan tax deductions is crucial for maximizing your financial benefits. In this post, we'll walk you through the key points of student loan tax deductions, helping you make informed decisions and potentially reduce your tax burden.

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Save Money by Taking Advantage of Education Tax Credits

By Top Tax Staff

Do you have a kid going to college? Are you or your spouse taking higher education or continuing education classes? Then you need to take advantage of educational tax credits offered by the federal government.

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Selling a Second Home: Be Aware of Capital Gains Taxes

By Top Tax Staff

*This post has been updated to reflect tax changes

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Tax Credits and Deductions for Adults Going Back to School

By Top Tax Staff

If you are headed back to school as an adult, it’s nice to know you’ll get more out of it than an education. You could also save money on your taxes. 

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How to Claim Medical Care Expenses as Deductions

By Top Tax Staff

As medical costs climb, it’s nice to think you could deduct them from your taxes. And you can, but there are limits. 

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What the American Rescue Plan Act Means for Your Taxes

By Top Tax Staff

The American Rescue Plan Act or ARPA was signed on March 11, 2021, and provides around $1.9 trillion in federal spending.

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Do I Qualify for the Earned Income Tax Credit

By Top Tax Staff

Tax credits are like “found money” that turns up when you fill out your tax form. Unlike deductions, credits are awarded dollar for dollar. In other words, if you are eligible for a $300 tax credit, you get $300 off your tax bill—kind of like a sale at the grocery store.

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Natural Disaster Tax Relief - Do You Qualify?

By Top Tax Staff

Don’t you think we should all get natural disaster relief after the year we’ve had? If you made it through 2020, you deserve it. Just label the whole year a disaster and give everyone the tax year off.

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Am I Eligible for Tax Abatement?

By Top Tax Staff

Property taxes are a significant portion of the cost of owning real estate, usually one percent to three percent of the home’s value to be paid annually. Since property taxes are permanent, anything that can reduce your tax liability will probably perk your ears right up. So, get your ears ready to perk, because the tax reduction term for today is tax abatement.

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Do You Qualify for a Vehicle Sales Tax Deduction?

By Top Tax Staff

It’s always a good feeling when you can lower your tax burden. One way that may be open to you is through a vehicle sales tax credit. Since a car, boat, or other vehicle is a significant expense, the amount of tax credit could potentially erase your tax payment.

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