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Does a Tax Deduction and a Tax Credit Result in the Same Benefit?

by Admin | Feb 24, 2022 | Individual Taxes

Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers sometimes think provide the same tax benefit, but don’t, are “tax deductions” and “tax credits.”...

Highlights of College Savings Plans (Sec. 529 Plans)

by Admin | Feb 21, 2022 | Individual Taxes, Tax Planning

The Qualified State Tuition Plan, often referred to as the Sec 529 Plan, is a tax-beneficial incentive for parents, grandparents, and others to save money for an individual’s future college tuition and fees. There is no federal tax deduction for making contributions....

Is There a Tax Break for Tuition Paid to Special Schools?

by Admin | Feb 17, 2022 | Individual Taxes

A component of itemized deductions is the cost of medical care. The total of eligible medical expenses paid during the tax year is reduced by 7.5% of the taxpayer’s adjusted gross income (AGI). While you are undoubtedly familiar with most of the medical expenses...

Costs for Installing Medically-Related Home Improvements Have Tax Benefits

by Admin | Feb 15, 2022 | Individual Taxes, Tax Planning

According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65, as of 2018 16% of Americans were age 65 or older, and by 2030 all boomers will be at least 65. Boomers aren’t the only reason the nation’s overall population is...

Hobby or For-Profit Activity? The Answer Makes a Big Difference for Tax Purposes

by Admin | Feb 10, 2022 | Individual Taxes

If you are engaged in an activity that produces income, the big tax question is whether the activity is a hobby or a business. The tax treatment of your income or loss from this endeavor hinges on the answer. The tax code (Section 183 – the so-called “hobby loss...
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