Many US taxpayers look forward to receiving their tax refunds during the tax season. However, if you have never prepared your own tax return, it can be mysterious as to how the refund amount you receive is determined. The good news is the process is easy.
If you or someone you claim on your tax return is going to college this fall, some of your costs could save you money when tax season kicks off. You may be eligible for a tax credit on your federal tax return. Therefore, today, we are providing you with tax credits and tips for back … Read the rest
The Lifetime Learning Credit is for those who attend college classes. It allows them to get a 20% tuition expenses credit with a phase-out limit of $2,000 in tax credits on their first $10,000 of tuition expenses.
This credit is for you, your spouse, or your dependents that are in an eligible school, and you … Read the rest
The student loan tax deduction is your chance to get $2,500 off your interest payments. This is the maximum tax-deductible amount. There are strict limits involved with whether you can claim this credit, though, so you need to be aware of that.
For example, if you earn more than $135,000 as a single taxpayer, you’re … Read the rest
The Earned Income Tax Credit, also known as the EIC and EITC, is a tax credit for individuals who only make an annual income that is considered low or moderate. Your filing status and your income determine the amount of the credit.
If you are able to qualify for the credit, your federal taxes will … Read the rest
When you start to file your taxes, there are a few important documents that you are going to need, … Read the rest
The beginning of tax season is near, and it’s time to get those tax papers in order. If you have all your files organized, you may be eager to get jump-started on figuring out your refund or owed amount.
Fear not, the TurboTax TaxCaster was built to give you the opportunity to see how much … Read the rest
The cost of education is always rising. However, if you are someone who wants to grow your knowledge base, you will be happy to know that education tax deductions and credits can help you with the costs of your education.
One of the tax credits is the American Opportunity Credit, and another is the Lifetime … Read the rest
Congrats on becoming a homeowner. We know you want to get your home customized to your liking, but it is important to keep track of your expenses and finances since your tax situation has now changed. Therefore, today, we are going to provide you with some new homeowner tax deduction tips so you can take … Read the rest
Wouldn’t it be nice to know in advance how much of a refund you’ll be getting back from the IRS? The good news is thanks to the TurboTax calculator you can know in advance how much you’ll get back in taxes in 2020 and it’s super easy to do so.
Turbo Tax has created a … Read the rest