How do I get a tax deduction for charitable donations?
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 donate. Your […]
Who Qualifies as Head of Household? Understanding the Tax Filing Status
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 […]
How to Avoid or Reduce AMT Next Year? A Comprehensive Guide
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 […]
What is the Earned Income Credit (EIC)?
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 […]
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