There’s a good reason why people love tax credits. Unlike tax deductions, which lower your taxable income, tax credits lower your tax bill dollar for dollar. However, not every tax credit is the same. There are two different categories – nonrefundable and refundable.
Paying income taxes is the civic duty of all Americans, with the money helping to pay for national defense, highways, schools and police departments, among other things. While we’re happy to pay our fair share, no one wants to pay too much income tax. That’s where tax deductions and credits come into play.
When my husband and I first got married, we had an instant family of four with his two daughters as my “bonus” babies! Then we added five more children in the first seven years of marriage. So I know a thing or two about economizing when it comes to baby. Most military families are very […]
Are you getting all the tax breaks you’re entitled to as a parent? If you are a parent, chances are that the 2012 tax law changes will affect you. Several important tax breaks were scheduled to expire at the end of 2011. There was a wide expectation the breaks would eventually be extended for 2012, […]
Updated for tax year 2015 Do you have children? Though your little bundle of joy taps into your pocket book throughout the year, but during tax time, they can help you put money back into your pockets. According to the U.S. Department of Agriculture, it will cost a middle-income family approximately $226,920 to raise a […]
Do you dread income tax time every year? Well if there is one thing to remember during income tax time, to maybe ease the process, remember this: Three out of four taxpayers receive a federal refund, and the average direct-deposited refund last year was $3,116. Pretty nice tax refund don’t you think? Tax savings opportunities […]