Taxes can be confusing:; they are complex and the rules are constantly changing! Because of that confusion and complexity there are some stubborn myths about taxes. Take our Tax Myth…
Tag: taxes
Tax credits and deductions are two of the few bright spots during tax time since they reduce the amount of taxes you have to pay. Tax credits are an amount…
A tax deduction is a dollar amount subtracted directly from your income that lowers the amount that you are ultimately taxed on for the year, called your “taxable income”. The…
The United States has what is known as a “progressive” tax system, meaning individuals with lower income are taxed at a lower rate than people with a higher income. Your…
Every year in May and June a lot of teenagers head out into the “real world” for the first time. Whether you’ve got a teenager of your own, or just…
Tax loss harvesting sounds like something you might do in the garden during the fall. But it’s actually an advanced tax strategy that uses investment losses to reduce your taxes…
Nobody wants to pay more taxes than they have to. The two most common ways to reduce what you owe are tax deductions and tax credits. Tax credits reduce your…
Tax time can feel like it’s all bad news but there are two bright spots. Tax credits and tax deductions are types of tax breaks that (generally) apply to those…
You kinda know how it works. You work all week, get your paycheck and part of it is missing. The culprit? Taxes! Taxes are withheld based on the IRS Form…
A tax credit is an amount that eligible taxpayers can subtract from their taxes owed based on certain criteria determined by the IRS. It is a dollar for dollar reduction…