Tag Archive for: taxpayer itemization
2025 Tax Brackets: Here’s Why Your Paycheck Could Be Bigger Next Year
The IRS typically makes tax code changes each year to account for inflation. This also helps prevent "tax bracket creep," which could push you into a higher tax bracket, despite inflation eating into your wages. Read everything you need to know about next year's tax brackets and the standard deduction increases.
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.
Seven Ways To Reduce Taxable Income
Due to tiered tax brackets and a progressive tax system—the more you make, the more you might end up paying. But there are many ways to lower your taxable income—and ultimately—the amount of taxes you pay.
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.
Over 60 Million Tax Returns Could Be Completed Automatically, Study Shows
The IRS may have the ability to automate nearly half of tax returns, according to a paper from the National Bureau of Economic Research. The findings show the agency could correctly auto-fill an estimated 62 million to 73 million returns with information it already has, covering 41% to 48% of taxpayers. CLICK ON THE HEADLINE FOR MORE
Five Tax Deductions You Can Still Claim In 2020
Although the 2017 Tax Cuts and Jobs Act eliminated a number of key tax deductions, here are a few expenses you can still write off if you're in the process of putting together your 2019 return. CLICK ON THE HEADLINE FOR MORE