Tag Archive for: taxpayer itemization

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

12 Tax Deductions That Have Disappeared

The Tax Cuts and Jobs Act of 2017 was touted as the largest tax overhaul in 30 years and a mixed bag for some households. Here are 12 tax deductions that disappeared and won't be available this spring: CLICK ON THE HEADLINE FOR MORE