Should I itemize my deductions or take the standard deduction?
The goal of deductions is to lower the amount of taxable income the IRS will use when calculating the amount of tax you owe. The decision of whether to itemize your deductions or take the standard deduction comes down to one question. Which deduction is bigger and will lower your tax burden more? Currently, the…
Read MoreFree Tax Preparation is Still Available
You may have been planning to get assistance with your free tax preparation at a Volunteer Income Tax Assistance (VITA) location near you. Unfortunately, to protect the public and volunteers from COVID-19, many VITAs have had to close their in-person tax preparation sites. We know that a tax refund can be a big deal, especially now. Check…
Read MoreHow does Tax Counseling for the Elderly (TCE) work?
Are you over the age of 60 looking for free help with your taxes? If so, consider taking advantage of an IRS program called The Tax Counseling for the Elderly (TCE) Program. This program partners with a variety of organizations, like AARP, to offer free tax assistance for those 60 and over (no income eligibility).…
Read MoreHow to Maximize Your Savings During Tax Time
Taxes can seem daunting. But there are a lot of free resources out there to help you file your taxes for free, get reliable help with your taxes, take advantage of tax credits that you qualify for, and even win prizes this tax season! Here are four resources you should be aware of for tax-time.…
Read MoreHow do tax write-offs work?
We all know the saying: “There are two certainties in life: death and taxes.” Since taxes are one of our largest ongoing expenses, we’re all interested in keeping them as low as possible. Fortunately, the government has created tax breaks in order to incentive citizens to do things it considers valuable to society. For example,…
Read MoreWhat is the Standard Deduction?
The standard deduction is the amount of income you get to deduct from your total taxable income. Because the standard deduction lowers your taxable income, it means you pay less income tax. In 2019, the standard deduction for someone filing as single is $12,200. For a Head of Household, the standard deduction is $18,350. And…
Read MoreHow Does Volunteer Income Tax Assistance (VITA) work?
Volunteer Income Tax Assistance (VITA) is a program of the IRS. VITA sites offer income tax preparation help free of charge for people who generally make less than $56,000 annually, people with disabilities, and those with difficulty speaking English. The program is also offered on military installations. The offices are run by volunteers who have…
Read MoreCan I file taxes if my income was only SS and SSI?
Submitted by Veronica C. Living on only social security income tells me that you are resourceful and doing a good job managing your money. (SS is the benefit that you pay into during your working years and SSI is supplemental income designed to provide additional support for specific situations.) This question is tricky because I’m…
Read MoreDo I Need to File a Tax Return?
Hi, I’m Kasey, and I’m a tax expert here with Intuit’s TurboTax. I’m here today to talk about some frequently asked questions that many taxpayers have. Do I need to file? Not everyone is required to file a tax return every year. Generally, if your income doesn’t exceed certain thresholds, you don’t even have to file a return. The…
Read MoreHow to Prepare for Tax Season with Tax-Savvy Financial Moves
It’s the beginning of the year, which means (among other things) that tax season is approaching. This year especially brings a lot of uncertainty with new tax regulations. Here are a few things you can do now to make tax season a breeze. Check how changes in tax laws will affect you Tax law changes…
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