Tag Archive for: deductions

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What Happens If You Amend Your Tax Return?

Taxpayers may need to file an amended return if they discover that they made mistakes, such as failing to report income, claiming deductions or credits incorrectly, or making other errors that affect the amount of tax owed or the amount of refund due.

Tax Credits vs. Tax Deductions

The IRS calculates tax deductions and credits differently, and the impact on your return can vary. A tax credit reduces your tax liability dollar for dollar. A tax deduction reduces your taxable income.
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13 Weird Things The IRS Considers Taxable, From Bribes To March Madness Pools

It may be obvious to everyday taxpayers that they must report their wages, but few likely realize the feds also expect a cut of their profits from more under-the-radar ways of accruing income.
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Inflation Boosted The 2023 Federal Income Tax Brackets. Here’s How Your Taxes May Compare To 2022

The IRS made annual inflation adjustments for dozens of tax provisions, including the federal income tax brackets for 2023, which may affect next year’s taxes, experts say.
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Why Do I Owe Taxes This Year? Six Reasons You May Not Get A Refund

Many financial experts are warning that refunds will be smaller. You may even find yourself owing money instead of getting some back. There are mulltiple reasons you may not get a refund this year. For six common reasons some people could owe money to the IRS, CLICK ON THE HEADLINE
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Have You Made These Year-End Tax Moves? Here’s How to Keep More of Your Money

It's already the second week of October so you may want to consider some tactical year-end tax moves to save money. CLICK ON THE HEADLINE FOR MORE