Student loan interest can quickly add up. That’s why the Federal government introduced the student loan interest tax deduction to help ordinary students out. If you made interest rate payments on your student loans during the tax year, you could deduct up to $2,500 in interest paid.
If you happen to qualify for the 22% tax rate, you have the best deal because your maximum deduction is $550. A few hundred dollars in your wallet for doing very little sounds great, so how can you make sure that you claim the maximum deduction amount available to you?… Read the rest
Can I Get a Home Equity Loan Tax Deduction?
The answer is you can still deduct home equity loan interest. But the rules have changed, and there are more limitations than ever before.
Interest on home equity loans has traditionally been fully tax-deductible. But with the tax reform brought on by President Trump’s Tax Cuts and Jobs Act (TCJA), a lot of homeowners are struggling to work out whether they can still take a home equity loan tax deduction.
This is now the first year the new rules will apply to their new taxes, despite the original act being passed in 2017.… 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