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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COVID-19 and Your Taxes in 2020

By Top Tax Staff

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.

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What the Stimulus Package Means for You

By Top Tax Staff

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. 

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How to Maximize Your Tax Savings at the End of the Year

By Top Tax Staff

Sometime before the big, jeweled ball drops on January 1, 2020, you should take some time to maximize your tax savings, not only for 2019 but as a tribute to yourself for 2020. There are only a few weeks left. You need to fit it in between all the holiday prep and celebrations.

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