Credits/Deductions

 

You may be entitled to claim various deductions and credits, but unless you follow the rules you’ll lose out. Here are a number of recent cases that highlight what you should or shouldn’t do if yo...

The Tax Cuts and Jobs Act of 2017 made a number of significant changes to various write-offs that can be claimed without itemizing. Most of the changes in deductions from gross income affect 2018 retu...

The Tax Cuts and Jobs Act of 2017 made a number of significant changes to various itemized deductions. Most of these changes affect 2018 returns (and in many cases, returns through 2025), but a few as...

The child tax credit first appeared on tax returns for 1998 as a $400 nonrefundable credit. Over the years, the credit amount has increased and part of it has become refundable (i.e., payable even if ...

Attorney’s fees you pay to help you right a wrong can be very costly. Whether the fees are charged hourly or a flat amount, you may or may not be able to deduct them. Here’s a roundup of the situa...

As the year is winding up, there’s still time to take actions that can pay off when you file your return. The clocking is ticking...1. Review your gains and losses.The final trading date on...

According to the U.S. Census Bureau, two thirds of American workers don’t put money into a retirement plan at work, either because they aren’t offered one or they choose not to contribute. The res...

In response to Hurricanes Harvey, Irma, and Maria, which impacted people in Texas, Louisiana, Florida, Georgia, Puerto Rico, and the U.S. Virgin Islands, the IRS has provided various types of tax reli...

When it comes to taxes, things don’t ways move in one direction. You make a payment, only to receive something back. Or you have income now, only to find you must repay some or all of it. How do you...

The devastation to Houston and a large part of Texas and beyond because of Hurricane Harvey is historic. Homes and businesses have been lost, and it will take months or years for some areas to recover...

Year-End Tax Planning for Your Securities

This year has been a bumpy ride on Wall Street, with dramatic swings up and down. Now is a good time to review your retirement account and your personal portfolio. While changes you make in your retir...

Tax Breaks for Grandparents

The tax law does not contain any tax rules specifically for grandparents. However, there are a number of breaks that grandparents can avail themselves of to reduce their tax bills while helping their ...

Tax Relief for Disaster Victims and Those Who Help Them

Winter blizzards, spring tornadoes, summer hurricanes, fall wildfires—disasters can occur at any time, and despite precautions, you may suffer a financial disaster because of Mother Nature. Tax reli...

Doing Good and Getting a Tax Break for It

According to the federal government, in 2013 more than a quarter of all people in the United States did some volunteer work. To what extent can you write off costs related to your volunteer activities...

Lifetime Uses of Life Insurance Policies

Life insurance is designed to provide a surviving spouse, children, or other beneficiaries with funds after the insured’s death. It can also be used for other important purposes, such as buying out ...

What Mileage Rates Apply in 2014?

Each year, the IRS sets standard mileage rates for various types of travel. The rates can be used to figure the cost of the driving rather than keeping track of your actual car expenses. However, you ...

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