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 […]

When To Plan for Tax Season

Reduce your taxes or increase your refund for your next return by planning throughout the year. The IRS suggests that your first consideration should be going to IRS.gov for online tools that can help you file and pay taxes, find information about your accounts and get answers to tax questions. Create or access your account […]