Kids can be stressful at times, but the good news is they can save your butt during tax time. Today we are sharing some of the tax benefits that kids and other dependents bring to you.
Dependent Tax Deductions
Each child and dependent can bring you a deduction of $4050. This means that the income that is subject to federal tax is reduced. If you are in the 15% bracket, this could save you $607.50, and those in the 25% bracket could save $1012.50.… Read the rest
Are you wondering if you’ll have to pay capital gains tax on your home sale?
What many people do not know is that a large portion of homeowners who sell their homes can avoid capital gains tax on their home sale.
How Much is Capital Gains Tax on the Sale of a Home?
When selling your primary home, you can make up to $250,000 in profit or double that if you are married, and you won’t owe anything for capital gains.… Read the rest
Do you believe that you’ll receive a tax refund this year?
You might have heard that to stop tax fraud, refunds are going to be held longer. This applies especially to the Earned Income Tax Credit (EITC).
But with H&R Block, you can get the money you need right now.
What is a Refund Advance Loan?
A refund advance is something several tax platforms offer. You apply for a refund advance, and the money is loaned to you.
Instead of paying it back, the money is taken from your tax refund instead.… Read the rest
What is Tax Deductible for Homeowners?
Every new homeowner or buyer wants to know about the tax deductions they can claim. Did you know that your home offers a range of tax benefits?
This is the guide you need to read because the new Tax Cuts and Jobs Act (TCJA) has changed some of the tax breaks you have as a new homebuyer or long-time homeowner.
1. Interest on Your Mortgage
Most people don’t realize that within certain limits, you can deduct your mortgage interest.… Read the rest
Even if you have the best insurance plan, you still might end up paying medical bills. However, all hope is not lost. You can still get a tax break from your medical expenses that can help reduce your overall medical costs.
In 2019, the IRS allowed you to deduct medical expenses that exceeded 7.5% of your adjusted gross income.
Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of their adjusted gross income.… Read the rest