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 […]
Tag: Tax Filing
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 […]
One Reason To File Your 2020 Tax Return Early
The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), […]