Child Tax Credit
If you claim at least one qualifying child as a dependent on your tax return, you may be eligible for the child tax credit. … Read more
Tax Credits & Deductions
What is a Tax Write-Off?
A tax “write-off” is basically just slang for a tax deduction. It is an expense you can claim on… Read more
Understanding the Mortgage Interest Deduction
The Mortgage Interest Deduction allows homeowners to reduce their taxable income by the amount of interest paid on a qualified… Read more
What is Itemizing and Who Should Do It?
When you’re filling out your tax return, you may choose to either take the standard deduction or itemize. … Read more
Reduce Your Taxable Income to Increase Your Refund
The Tax Cuts and Jobs Act has impacted several important itemized deductions going into tax year 2018. If you’ve itemized… Read more
Deducting Charitable Donations of Clothing and Household Items
The tax laws say that you can deduct charitable contributions worth up to 60% of your AGI. But special rules do apply, depending… Read more
What Counts as a Charitable Donation Deduction for a 5k Run?
Running for a cause is a great way to show support while testing your physical endurance. Serious competitors invest more… Read more
What Are Tax Credits and Tax Deductions?
Tax credits and tax deductions are two different types of tax breaks. Both can lower your tax bill, but they… Read more
Rental Property Income: What to Report and What to Deduct on Your Taxes
Rent income is part of your gross income and must be reported on your tax return.
Types of Rental Income to Report
Normal rent… Read more
8 Surprising Tax Credits and Deductions You Should Know About
A tax deduction reduces the amount of income you earn that is subject to federal income tax, and a tax credit reduces… Read more