Credits and Deductions | The TurboTax Blog

What’s the Difference Between a Tax Credit and a Tax Deduction?

April 27, 2020 / TurboTaxBlogTeam

While both tax deductions and tax credits can save you a significant amount of money on your taxes, they work in significantly different ways. Find out how here.

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Earth Day 2020: Going Green Saves You Green on Your Taxes

April 22, 2020 April 23, 2020 / TurboTaxBlogTeam

Did you know that Earth Day 2020 marks Earth Day’s 50th anniversary and this year’s theme is climate action? Taxes may not be the first thought when you think about the environment, but it’s important to highlight the benefits of...

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Tax Planning

Why You Should File your Taxes Regardless of your Immigration Status

February 3, 2020 / TurboTaxBlogTeam

Whether you recently moved to the United States months ago or many years ago, if you have earned any sort of income, cash or check, it must be reported to the IRS regardless of your immigration status. This is the...

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Tax Tips

7 Tax Write-Offs for Your Wedding

December 12, 2019 May 28, 2020 / Ginita Wall, CPA, CFP®

Weddings are expensive, so it is too bad that they aren’t tax deductible. But wait – though tax write-offs may not be top-of-mind when you are planning your wedding, with careful planning there are some ways you can garner a tax deduction or two.

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Tax Planning

Holiday Bonus Season: How Your Holiday Bonus is Taxed

December 4, 2019 December 3, 2019 / Ginita Wall, CPA, CFP®

December is a time for giving gifts, and some employers give year-end bonuses to their employees to show gratitude for a year of faithful service. If your employer has promised you a bonus, you’re likely already thinking of all the...

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Tax Deductions and Credits

Is a Dog Your Tax Refund’s Best Friend?

August 19, 2019 August 16, 2019 / Elle Martinez

The article below is up to date based on the latest tax laws. It is accurate for your 2019 taxes (filed in 2020) and 2018 taxes, which should be filed by the April 15th, 2019 (or October 2019 with filed...

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Tax Deductions and Credits

Can You Deduct 401K Savings From Your Taxes?

February 25, 2019 January 13, 2020 / asbbaines

Contributions you make to your 401(k) plan can reduce your tax liability at the end of the year as well as your tax withholding each pay period. 401(k) plan contributions.

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Family

3 Reasons It’s Great to Be Coupled Up at Tax Time

February 14, 2019 July 24, 2019 / TurboTaxBlogTeam

Happy Valentine’s Day week to all of the lovebirds out there! Whether you’re enjoying a night out on the town or staying in for a movie night, we want to give you even more reasons to celebrate with your loved...

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Tax Reform

3 Tax Deductions Are Going Away Due to Tax Reform, Here’s What You Can Still Claim [Infographic]

December 5, 2018 July 3, 2019 / TurboTaxLisa

The new tax reform law, passed in December 2017, is the largest piece of tax legislation in nearly 30 years and changed several key tax provisions for taxpayers and families. But what do these changes mean for your taxes? Most notably,...

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Self-Employed

Are Business Networking Apps Tax Deductible?

August 7, 2018 July 10, 2019 / TurboTaxBlogTeam

Building your own business comes with challenges and perks every step of the way, but along that path, you’re probably going to meet people who can lend a hand or share an important piece of advice. One of the most...

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