New Tax Tips Affecting 2020
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Tax Credit
Income Tax Exemptions
Eight Tax Facts about Exemptions and Dependents Most people can claim an income tax exemptions on their tax return. It can lower your taxable income, which in most cases, that reduces the amount of tax you owe for the year. Here are eight tax facts about exemptions to help you file your tax return. 1.
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Six Overlooked Tax Breaks for Individuals
Confused about which credits and deductions you can claim on your 2016 tax return? You’re not alone. Here are six tax breaks that you won’t want to overlook. 1. State Sales and Income Taxes Thanks to the PATH ACT of 2015, taxpayers filing their 2016 returns can deduct either state income tax paid or state
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IRS Agrees to Allow Unmarried Couples a Full Deduction for Mortgage Interest
For decades, lawmakers have complained about the“marriage penalty”, which refers to the areas within the Internal Revenue Code (IRC) that tend to favor unmarried couples who cohabitate over those who are married. The marriage penalty just became a lot bigger with the IRS’s agreement to allow a full deduction on mortgage interest for unmarried individuals who are co-owners of
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Education Tax Credit Helps You Pay for College
Are you planning to pay for college in 2016? If so, money you paid for higher education can mean tax savings on your tax return when you file next year. If you, your spouse or your dependent took post-high school coursework last year, you may be able to take advantage of education credits that can
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Six Facts About Charitable Donations
If you give money or goods to a charity in 2016, you may be able to claim a deduction on your federal tax return. Here are six important facts you should know about charitable donations. 1. Qualified Charities. You must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible.
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Changes to Research and Development Tax Credit Expands Opportunities
On December 18, 2015, the Protecting Americans from Tax Hikes (PATH) Act was enacted, extending many important tax credits, and making a lot of them permanent. One of the areas in which these changes have the potential to enhance business startup activity is in the Research and Development (R&D) tax credit. Here are the changes
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Cut your Tax Bill with Home Energy Credits
Did you know that it’s possible to trim your tax bill and save on your energy bills with certain home improvements? Here are some key facts you should know about home energy tax credits: Non-Business Energy Property Credit Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items you
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Parents: Don’t miss out on these Tax Savers
If you have children, you may be able to reduce the amount of taxes owed for the year using tax credits and deductions. Here are several tax benefits you might be able to take advantage of when you file your federal tax return: Dependents. In most cases, you can claim your child as a dependent. You
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Reduce Your Taxes with the Child Care Tax Credit
If you paid someone to care for a person in your household last year while you worked or looked for work, then you may be able to take the Child and Dependent Care Tax Credit and reduce the amount of tax owed. Here are 12 facts you should know about this important tax credit: 1.
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