How the Internal Revenue Service defines and calculates different types of income affects the taxes you owe. Modified adjusted gross income (MAGI) is one of them. MAGI also decides...
Posted by Pat Raskob on 08/11/2022
When you file a federal tax return, you have the option of taking the standard deduction and itemizing your deductions. Due to changes in the tax code, many taxpayers now work with...
Posted by Dennis Jao on 02/08/2022
Student loan interest deduction talks about an income tax deduction that gives borrowers the capacity to remove up to $2500 on the interest they paid on a student loan that qualifies...
Posted by Rosovich & Associates, Inc. on 12/27/2021
If you need to file for an individual federal income tax return, you will now use the IRS Form 1040 or 1040-SR for Seniors. The other alternatives above: Forms 1040A and 1040EZ ended...
There are several ways to reduce the tax burden. However, the two most popular are probably tax credits and tax deductions. While they may look the same, they are two very different...
There are five types of tax filing status: head of household, married filing separately, married filing jointly, qualified widow, and single filing. The status of your tax return can...
Going to college seems to be more expensive each year. The preparation, schooling, internship, and accommodation of a student attending a four-year public establishment cost a fortune....
Posted by Abundant Wealth Planning LLC on 02/27/2020
Marriage changes many aspects of your life. One of these is the tax filing process. Your marriage can affect your filing's status, of course, and the deductions and credits you...
Student loan interest stands out for having a lower rate, which might be attractive to many. However, there are still a couple of things to know if you consider taking a student loan. Effect...