Have you sent in a charitable donation and wonder if it will count as a tax deduction? The rules for this are a little complicated because you generally must itemize your tax deductions if you decide to take charitable deductions. Most people take the standard deduction each year because that amount is greater than the […]
Charitable Deductions | Everything You Need to Know Read More »
The standard deduction is a specific amount decided upon by the Internal Revenue Service (IRS) each year to help lower the taxable income of taxpayers. This amount helps reduce the total of your tax bill each year. While the majority of people take the standard deduction when they file their annual tax returns, there are
What is the Standard Deduction and How Does it Work? Read More »
Tax credits are tax breaks offered by the IRS that allow you to reduce your tax liability by the amount of the tax credit. Tax deductions reduce your taxable income, but they do not allow you to have more of a tax refund or anything like that. Basically, deductions just reduce the income you are
Tax Credits | What You Need to Know When Filing Read More »
If you are looking to reduce your tax bill, you may want to see if you qualify for a refundable or partially refundable tax credit. Refundable tax credits can be worth more than what you owe in taxes, meaning you may be able to have a tax refund or an increase in the amount of
What are Refundable Tax Credits Read More »
The Child Tax Credit (CTC) was created to help families with the cost of having children by offering a partially refundable tax credit. For the 2020 tax year, you can claim a tax credit up to $2,000 per qualifying child. This credit has a refundable portion worth up to $1,400. In this article, we will
The Child Tax Credit Read More »
The Child and Dependent Care Tax Credit is another great tax credit you should try to take advantage of (if you qualify). It was created to help working parents with expenses incurred for the care of a child or adult, as necessary for the dependent’s well being and safety. There are some pretty extensive requirements
Child and Dependent Care Tax Credit | What is It? Read More »
The Health Coverage Tax Credit allows you to have 72.5% of your qualified health insurance coverage premiums to be paid directly to your health plan administrator on a monthly basis on your behalf. This tax credit was created to lower your out-of-pocket payments for monthly insurance premiums. As far as tax credits go, this is
Health Coverage Tax Credit Read More »
Because of the COVID-19 pandemic, the government has made several laws and adjustments to the IRS code. This helps American taxpayers who were adversely affected by the COVID-19 pandemic. It’s a good idea to understand the efforts of the government to provide taxpayers with tax relief. If you are filing your taxes this year, you
COVID-19 Tax Changes | What You Need To Know Read More »
The Additional Child Tax Credit (ACTC) is a tax credit for taxpayers who get less than the full amount of the Child Tax Credit. This credit may give you a tax refund even if you don’t owe any tax when you file your annual tax return. That’s why some tax credits, as opposed to tax
The Additional Child Tax Credit Read More »
Have you made energy-saving upgrades in the past year? If you have, you may be eligible for a tax credit that can save you big time during tax season. Unlike tax deductions, tax credits reduce your tax liability directly, dollar for dollar. Tax deductions reduce your taxable income – what you pay taxes off of.
The Best Resident Energy-Efficient Tax Credit Read More »
Subscribe to our newsletter to receive news, updates, and valuable tips.
Copyright © 2024 Borshoff Consulting | All rights reserved | Tax Consultant in Carmel, IN
Download our guide to ensure you know everything you need to and are prepared to deal with the IRS.