Tag Archive for: tax credits

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.

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

Here’s How Much Money You Could Get From Biden’s $1.85 Trillion Spending Bill

The framework for the Build Back Better Act includes thousands of dollars in tax credits and federal assistance for millions of Americans. For the eight ways that the legislation could put money in your pocket and help you save, CLICK ON THE HEADLINE

What Are Refundable Tax Credits?

Tax credits come in two types: refundable and nonrefundable. While both are nice, refundable tax credits offer the better deal because they can reduce your tax liability below zero. CLICK ON THE HEADLINE FOR MORE

The Best Tax Credits That Save You More Than Deductions

Tax credits are the gold nuggets of the tax world. Here’s a look at how some of the most common ones work — maybe you’ll find some cash. CLICK ON THE HEADLINE FOR MORE