Credits and Deductions

Tax Planning

Holiday Bonus Season: How Your Holiday Bonus is Taxed

December 31, 2020 / 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

What is a Recovery Rebate Tax Credit?

December 29, 2020 (Last Modified: January 4, 2021) / TurboTaxKat

With all the information covering the stimulus checks and payments you may have heard the phrase Recovery Rebate Credit thrown around and are wondering, “what is the Recovery Rebate Credit?” or “Do I qualify for the Recovery Rebate Credit?” Don’t...

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Tax Deductions and Credits

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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Home

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

April 22, 2020 (Last Modified: 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 (Last Modified: January 13, 2021) / 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

Donate Your Wedding Your Dress for Tax Deduction

December 12, 2019 (Last Modified: November 17, 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 Deductions and Credits

Is a Dog Your Tax Refund’s Best Friend?

August 19, 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 (Last Modified: 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 (Last Modified: 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 (Last Modified: 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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Get the latest stimulus news and tax filing updates

Holiday Bonus Season: How Your Holiday Bonus is Taxed

What is a Recovery Rebate Tax Credit?

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

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

Why You Should File Your Taxes Regardless of Your Immigration Status

Donate Your Wedding Your Dress for Tax Deduction

Is a Dog Your Tax Refund’s Best Friend?

Can You Deduct 401K Savings From Your Taxes?

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

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

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