Tag Archives: tax deduction

Refundable vs. Non-Refundable Tax Credits

receiving moneyTax credits can reduce your tax bill or give you a bigger refund, but not all tax credits are created equal. While most tax credits are refundable, some credits are nonrefundable, but before we take a look at the difference between refundable and nonrefundable tax credits, it’s important to understand the difference between a tax credit and a tax deduction. Continue reading

Seven Common Small Business Tax Myths

common tax mythsThe complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of deductions you are legally entitled to take and giving the IRS more money than you need to. With this in mind, let’s take a look at seven common small business tax myths. Continue reading

Tax Deductions for Educators

Portrait of smiling teacher standing with hands on hip in drawing classWith the fall semester of the school year well underway teachers, administrators and aides should not forget to keep track of education-related expenses that could help reduce their taxes when they file their returns next spring. With that in mind, let’s take a look at three key work-related tax benefits that are available to educators. Continue reading

Tax-Saving Strategies that Reduce your Tax Liability

Dollar bills in glass jar on rustic table. Saving money concept.If you’re looking to save money on your taxes this year, consider using one or more of these tax-saving strategies to reduce your income, lower your tax bracket, and minimize your tax bill. Continue reading