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7 Requirements for the Child Tax Credit
The Child Tax Credit can significantly reduce your tax bill if you meet all seven requirements: 1. age, 2. relationship, 3. support, 4. dependent status, 5. citizenship, 6. length of residency and 7. family income. You and/or your child must pass all seven to claim this tax credit. Read more…

What Are Itemized Tax Deductions?
When it comes to reducing your taxable income, itemizing your deductions can really maximize your tax savings. Read more…

What Are Tax Deductions?
The federal tax law allows you to deduct several different personal expenses from your taxable income each year. This can really pay off during tax season because the reduction to taxable income reduces the amount of income that is subject to federal income tax. However, not all expenses you incur will provide tax savings; the Internal Revenue Code is very specific about the types of expenses you can deduct and the taxpayers who may claim them. Read more…

Tax Deduction Wisdom—Should You Itemize?
Learn whether you should simply take the no-questions-asked standard deduction or if itemizing your deductions makes more sense. The standard deduction is always easier, but for one out of every four taxpayers, itemizing pays off with a lower tax bill. Browse this tax deduction overview to avoid paying more taxes than you actually owe. Read more…

The Land of Unknown Tax Deductions
Some tax deductions and credits can get overlooked. Find out which tax deductions and credits you have coming to you so you'll keep more money in your pocket. Read more…

More Tax Deductions and Credits Articles

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