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What is the sales tax deduction? Sales tax can be a significant burden for many individuals and businesses, particularly when it comes to filing tax returns. However, there are ways to reduce the amount of sales tax you owe, and one of them is through sales tax deduction. Sales tax deduction is a tax relief […]
How do I get a tax deduction for charitable donations? Summary To qualify for a tax deduction, you must itemize the deductions on your tax return. You can either take the standard deduction set by the IRS, or you can itemize (spell out) individual deductions. You don’t get a dollar back for each dollar you […]
Who qualifies as head of household? If you are confused about this tax filing status, read on to know more about the eligibility criteria and benefits. Summary One of the most commonly misunderstood tax filing statuses is the head of household. Head of household is a filing status for individuals who are unmarried or considered […]
Avoid paying the alternative minimum tax (AMT) next year by understanding the factors that contribute to it. The alternative minimum tax (AMT) is a federal tax that is designed to ensure that high-income taxpayers pay a minimum amount of tax, regardless of the deductions and credits they may have. This tax was introduced in the […]
The Earned Income Credit (EIC) is a federal tax benefit designed to help low-income working families keep more of their hard-earned money. Learn more about the EIC, including who’s eligible and how to claim it. Are you a low-income worker who’s trying to make ends meet? If so, the Earned Income Credit (EIC) might be […]
Learn everything you need to know about taxable income, including how it’s calculated, what counts as taxable income, and how it affects your taxes. When it comes to taxes, knowing what is considered taxable income is crucial in ensuring you are paying the correct amount. Taxable income refers to the total amount of money you […]
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New income tax rates this year The tax brackets were updated this year, so your income may be taxed at a different rate than last year. For example, if your filing status is Married Filing Jointly (MFJ) or Qualifying Surviving Spouse: Income $0 – $10,275 = 10% of income tax rates. What is new with […]
New Templates Tailored for Teaching and Learning Starting with a predefined template is one of the long-running requests from our customers. Today, we are excited to share that Forms introduced various templates based on most frequently asked categories. Moreover, those templates are tailored for different user segmentations, of which Education scenarios are our top focuses. […]
Income Tax Calculator This Income Tax Calculator is an easy-to-use tool to help you estimate your taxes. It quickly calculates your estimated federal taxes for you. Updated to include income tax calculations for 2022 form 1040 and, 2023 Estimated form 1040-ES, for status Single, Married Filing Jointly, Married Filing Separately, or Head of Household. Income […]