One of the most significant tax benefits you as a homeowner will enjoy is arguably the mortgage interest deduction. This is applied to the interest you pay on your mortgage for your primary place of residence, though it may also apply to your second home or vacation home. For more insight into the specifics of […]
Tag: Tax Credits
Work Opportunity Tax Credit Reauthorized Through 2025
Enacted in 1996, the Work Opportunity Tax Credit (WOTC) is a federal tax credit that eligible employers can claim if they hire eligible individuals who have consistently faced stringent barriers to employment. According to the Department of Labor, “Each year, employers claim over $1 billion in tax credits under the WOTC program.” Since 1996, Congress […]
Credits vs. Deductions: What’s the Difference?
Tax deductions and tax credits can both help you, but that doesn’t mean they’re the same thing. Knowing how they work can help you understand your tax situation. Tax credits are subtracted from your final tax liability, dollar for dollar, after it is calculated. A tax credit valued at $1,000, for example, lowers your tax […]
Get Ready To File in 2024
The beginning of the new year is the time for taxpayers to start gathering their documents to file their 2023 returns. And the IRS has announced some important enhancements taxpayers should be aware of to ease the yearly burden. It’s hoped taxpayers will find that the enhancements made by the IRS to the online filing […]
Small Retirement Plan Sponsors Tax Credits
All business owners face the challenges of not only attracting talent but also retaining employees once they are hired. One major way to increase your employee retention rate is to offer a generous benefits package. However, that’s a lot easier said than done for small businesses. Meanwhile, large companies offer these types of benefits as […]