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Tax Benefits for Homeowners

Submitted by Debra Rodway on Tue, 2024-05-21 14:34

 

Owning a home can be a significant financial commitment, whether you're a current homeowner or planning to buy a home. Fortunately, there are tax benefits available through the IRS that can help you save money and offset some of the costs associated with homeownership. Let’s break down various tax deductions, programs, and housing allowances that homeowners should review to see if they are eligible.

Do You Qualify for an Education Tax Credit?

Submitted by Debra Rodway on Tue, 2024-05-14 15:36

 

Are you pursuing higher education, job training, or graduate studies? If so, you might be eligible for valuable tax credits to help offset the costs.

The IRS offers two main education tax credits: The American Opportunity Tax Credit and the Lifetime Learning Credit. These credits can also apply to your spouse or dependents' educational expenses.

But how do you know if you qualify for these tax credits?

Tax Help for New Parents: Maximizing Your Refund

Submitted by Debra Rodway on Fri, 2024-04-19 15:02

 

Becoming a parent is a life-changing experience filled with joy, love, and, let's face it, a fair share of financial responsibilities. Thankfully, the tax code recognizes the unique challenges of raising children, offering numerous tax breaks and benefits for new parents. These breaks can not only result in a lower tax bill but also a higher refund. Here are some key things that new parents should know in order to navigate their tax situation more efficiently.

Meeting Your Tax Obligations: Ways to Pay the IRS

Submitted by Debra Rodway on Fri, 2024-04-12 15:29

 

Meeting tax obligations is a critical part of financial responsibility, and the IRS offers various avenues for individuals to handle their tax debt, including payment plans and alternative strategies. It's important to note that while payment plans are available, they can lead to additional costs over time due to accruing interest and penalties, making them a less-than-ideal choice for some taxpayers. Let’s explore how you can navigate this situation:

Tax Season’s End: Pending Legislation and Court Decisions

Submitted by Debra Rodway on Fri, 2024-04-12 15:22

 

As we near the end of another tax season, accountants and taxpayers alike are facing a landscape filled with uncertainties. While April 15th, the traditional tax filing deadline, is just around the corner, there are significant matters that remain in limbo due to pending legislation and court decisions. These are topics we have previously delved into in our blogs, and here's an update on where they stand today.

Protect Yourself: How to Avoid Tax Scams This Season

Submitted by Debra Rodway on Fri, 2024-04-12 11:54

 

Tax season is not just a time for filing returns; it's also peak season for savvy criminals looking to exploit unsuspecting taxpayers. Scammers often impersonate the IRS through various channels, including over the phone, via email, or physical mail; all with the aim of stealing money and sensitive personal information. To safeguard yourself against these threats, it's crucial for all taxpayers to remain vigilant and well-informed. Here's a guide on how to protect yourself from tax scams.

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