Tag Archive for: deductions

Five Expiring Tax Breaks That Trump’s New Bill Would Extend — If Not Increase

House Republicans recently introduced a draft bill on May 12, nicknamed “The One, Big, Beautiful Bill,” aimed at renewing and enhancing several provisions from the 2017 Tax Cuts and Jobs Act. Here are five key tax breaks that could stick around — and get a boost — under the new legislation:

Why Do I Owe Taxes This Year? Understanding The Causes

There are many reasons why you may have underpaid taxes during the year, ranging from changes in your financial and personal situation to shifting tax laws. Understanding why you owe can help you avoid the same issue in the future.

A Tax Planning Roadmap For Four Life Events

While taxes may not be on your mind while experiencing big life events such as marriage, buying a house, having children, and divorce, all four can impact tax planning by changing income, tax filing status and eligibility for various tax breaks.

Don’t Like Your 2024 Tax Refund? Here’s An Easy Way To Get A Bigger One Next Year

It's fairly simple to make your tax refund bigger or smaller each year: It takes just a few minutes, once you have the paperwork in hand. The IRS even bakes the process into one simple step on its tax forms.

Tax Credit vs. Deduction: What’s The Difference And Which Is Better?

Which is better, a tax credit or a tax deduction? The secret is in leveraging both to ease your tax burden. Before you start stumbling through your tax return, clear up any misconceptions about the differences and how both work to lower your tax liability and your tax rate in different ways.
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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.