*This post has been updated to reflect tax changes
Read More >Selling a Second Home: Be Aware of Capital Gains Taxes
Tax Credits and Deductions for Adults Going Back to School
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.
Read More >How to Claim Medical Care Expenses as Deductions
As medical costs climb, it’s nice to think you could deduct them from your taxes. And you can, but there are limits.
Read More >What the American Rescue Plan Act Means for Your Taxes
The American Rescue Plan Act or ARPA was signed on March 11, 2021, and provides around $1.9 trillion in federal spending.
Read More >Do I Qualify for the Earned Income Tax Credit
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.
Read More >Natural Disaster Tax Relief - Do You Qualify?
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.
Read More >Am I Eligible for Tax Abatement?
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.
Read More >Do You Qualify for a Vehicle Sales Tax Deduction?
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.
Read More >COVID-19 and Your Taxes in 2020
The COVID-19 pandemic has pretty much turned the world upside down. In a surprising but welcome move, the IRS has moved Tax Day to July 15, 2020. But that isn’t the only difference COVID-19 makes to your 2020 taxes and tax activity.
Read More >What the Stimulus Package Means for You
Unusual times call for unusual measures. The federal government passed a $2 trillion (that’s trillion with a “T”) relief act to mitigate the impact of SARS-CoV-2, the virus that causes COVID-19.
Read More >