The TCJA eliminated several itemized deductions from 2018 through to 2025. However, the investment interest deduction was not affected. This means that single taxpayers can claim their...
Alimony, also known as spousal support, is the money paid to a spouse to another after a divorce. The idea is to help the spouse with the lower income to take care of expenses and...
The Internal Revenue Service (IRS) recently released annual tax inflation adjustments for 2021 for more than 60 allowances, including tax rate schedules, standard deductions, itemized...
Posted by Rosovich & Associates, Inc. on 12/31/2020
The child tax credit is a credit that can give you up to $2,000 for each qualifying child while a qualifying dependent gets $500. It is a refundable tax credit that diminishes when...
Many people struggle to find the funds they need to build up their retirement savings. Fortunately, a non-refundable tax credit, called a retirement savings contribution credit, can...
When it comes to taxes, the federal income tax is the one that gets the most attention. However, this is far from the only money American residents pay the government. Most states...
Many taxpayers do not like taking the home office deduction because they fear they might raise some eyebrow from the IRS. Sadly, this is true, especially if you take excessively large...
Are you thinking of prepaying your mortgage? It might be a savvy move for some homeowners, but beefing up their loan payments just doesn't make sense for others. Here are the pros...
Posted by Taxes Made EZ Inc on 07/17/2020
Single (Filing Status: "Single"):Definition: You can file as single if you are unmarried, divorced, legally separated, or widowed.Advantages: May be eligible for certain...
Posted by True Tax Service on 10/23/2023