It’s not too early to start thinking about your 2022 income-tax return, if you can bear the thought.
Tax Planning
What is the Child Tax Credit?
The child tax credit is a per-child tax credit against your personal income tax liability. The child tax credit is $2,000 per child.
Get Big Tax Breaks for 2022 by Acting Now
It’s time to make year-end tax moves. With inflation way up and markets way down for 2022, there’s plenty to track.
What the IRS’s New Tax Brackets Mean for You
Many Americans will see their tax burden drop next year because of inflation adjustments made by the Internal Revenue Service. Some will benefit more than others.
Are My Social Security Benefits Subject to Income Tax?
A portion of your benefits may be subject to income tax if your modified adjusted gross income (MAGI), plus one-half of your Social Security benefits, exceeds specific limits. Your MAGI equals: Adjusted gross income (or the adjusted gross income of you and your spouse...
Are my student loan payments tax deductible?
Your actual student loan payments aren't deductible, but the interest portion might be, thanks to the student loan interest deduction. In 2022, the maximum deduction is $2,500. You don't need to itemize to claim this deduction. To qualify, you must meet a few...
Watch Out for These Common Tax Scams
While tax scams are especially prevalent during tax season, they can take place anytime during the year. If you see a scam, be sure to report it to the Internal Revenue Service at irs.gov, the Federal Trade Commission at ftc.gov, the Treasury Inspector General for Tax Administration at tigta.gov,and/or your local police department.
Federal Tax Filing Season Has Started
The IRS announced that the starting date for when it would accept and process 2021 tax-year returns was Monday, January 24, 2022. Tips for making filing easier To speed refunds and help with tax filing, the IRS suggests the following: Make sure you have received Form...
Education Tax Credits
It's tax time, and your kitchen table is littered with papers and forms. As if this isn't bad enough, you recently paid your child's college semester bill, and you don't know where you'll find the money to pay the taxes that you expect to owe. Well, you might finally...
Tax Planning for Income
You don't want to pay more in federal income tax than you have to. With that in mind, here are five things to consider when it comes to keeping more of your income.1. Postpone your income to minimize your current income tax liability By deferring (postponing) income...