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. Most tax credits are nonrefundable, which means they are subtracted from your […]
The U.S. tax code is nearly 4 million words. That’s a lot of complicated tax jargon. Even though the rules are complex, most of the mistakes taxpayers make on their returns are fairly simple.
Are you filing your taxes for the first time? Are you feeling a bit overwhelmed about the whole process? Filing a tax return for the first time can be intimidating. Here are 5 tips to help you through the process. 1. Determine if you need to file Three things must be considered when determining whether […]