Tax credits vs tax deductions: what’s the difference?
There’s a lot to be confused about when filing your taxes, especially when it comes to tax credits vs. tax deductions. The two are very…
What is the mortgage interest tax deduction?
The mortgage interest deduction is a tax incentive for homeowners. It’s an itemized deduction that allows homeowners to subtract mortgage interest from their taxable income,…
IRA tax deductions and how to claim them
If you contributed to a Traditional IRA account in 2023, you may be able to take a tax deduction for the contributions you made. The…
What are tax brackets and how do they work?
Your tax bracket determines the percentage of your income that goes toward federal or state taxes. Knowing this information can help you make informed decisions…
What is the student loan interest deduction?
If you are currently repaying student loans, you may be able to deduct interest paid on your loans. In this article, we’ll go through the…
How to deduct charitable contributions on your taxes
If you’ve donated to a charitable organization in the last year, you may be eligible for a tax deduction. For the tax year 2023, the…
What is the SALT deduction? State and local tax deduction explained
As tax season approaches, many are starting to think about the various deductions they can take. In this article we’ll discuss the state and local…
What is the home office tax deduction and how does it work?
If you run your own business from your home, you may want to consider the home office tax deduction. Your home office may be a…
What is the standard deduction?
The standard deduction is a fixed dollar amount set by the IRS that taxpayers can subtract from their gross income to reduce the amount of…
What are capital gains?
Capital gains are the profits made from selling an asset. However, there may be associated taxes with that event to be aware of.
Early Withdrawals from Your IRA: Understanding Penalties, Exceptions, and Consequences
Learn about early withdrawals from your IRA, including the penalties, exceptions, and consequences.