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Once you’ve started repaying your student loans, you’ll understand how important it is to save money wherever possible. At tax time, you may be eligible to claim a deduction on interest you’ve paid on your student loan. Worth up to $2,500 off your taxable income, this deduction can really help students and graduates pinch pennies […]

Categories: Credits Tags: , , , , ,

It’s common for many people to make a little mistake on their tax return. In doing so, it can delay your refund. However, if you make a mistake when claiming the Earned Income Tax Credit, you may wait months to receive that portion of your refund. Depending on the situation, some errors can lead to […]

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When tax season approaches, one of the most common terms you’ll hear is “dependent”. That’s because many credits and deductions, as well as which filing status you’re eligible to use, relate directly to whether you claim dependents, and if so, how many. First, you’ll need to understand the qualifications necessary to be considered a dependent. […]

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Tax credits come in two varieties: refundable and non-refundable. The majority of tax credits fall under the latter, though there are some that can put more of your hard-earned money back into your bank account. At tax time, you need to know if the credit you are claiming is refundable or not, so you know […]

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Tax credits can really make a difference for your refund at tax time. Refundable tax credits are even better, as they can offer you money back even if your tax liability is reduced to zero. One of the most popular refundable tax credits you may be eligible to claim is the Earned Income Tax Credit. […]

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Often, people mistakenly use the terms “credits” and “deductions” interchangeably. However, at tax time, it’s important to understand the difference between the two, and ensure you’re utilizing them to your advantage. Generally, tax credits are the more beneficial of the two, though when used correctly, both can save you significantly when you file your taxes. […]

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Though there are no refunds once you have children, they may be worth a credit – a tax credit, that is. Parents can benefit from the Child Tax Credit, a popular tax break that is worth $1,000 per child when you file. Your child must be claimed as a dependent on your tax return and […]

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Being married gives you the option to choose your filing status, you can either file Married Filing Jointly or Married Filing Separately. Why should I choose Married Filing Jointly? Depending on your tax situation Married Filing Jointly may get you bigger refunds and smaller tax bills. Most married couples choose to file with the status […]

Categories: Filing Status

Have you had to pay for someone to take care of your dependents while you worked? If so, you may be able to claim a special tax credit to help offset some of the costs. This credit, the Child and Dependent Care Tax Credit, has certain requirements that taxpayers must meet. These include: You must […]

Categories: Credits Tags: , , ,

After getting divorced, you may notice a change in your taxes, along with everything else you are altering in your life. Tax time may mean a new filing status, as well as different eligibility for certain tax credits. If you have always filed using the Head of Household tax status, you may not be eligible […]

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