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.
Choosing to donate to a charity typically isn’t solely driven by the potential tax break, but the chance to save a few bucks on your taxes as a result is a nice perk. If you itemize deductions on your income tax return, the IRS allows you to write off the cash value of any contributions or […]
You probably keep track of your itemized deductions, including mortgage interest and charity deductions. You may get a credit for childcare expenses, or take advantage of any of a number of common tax breaks. The tax code is complex, and there’s bound to be something that can lower your tax bill. What could you be […]
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 […]