To combat the ever increasing price of college education, the tax code provides some relief via education tax credits and deductions. Here’s what you need to know about the education tax credits and deductions that will save you money at tax-time.
On January 1, 2013, the American Taxpayer Relief Act put more money back in taxpayers’ pockets with the permanent passage of many tax breaks. The payroll tax holiday, a temporary tax break to help stimulate the economy, however was not extended on January 1, 2013. Our infographic looks at how the expiration of the payroll tax holiday impacts spending habits and how individuals use their tax refunds.
The tax code has a number of hidden gems, credits or deductions that add up to a nice chunk of change you can save on your taxes over the year. Today, we’re looking at Commuter Transit Tax Benefits, perks that you can use if your employer offers a subsidy or pre-tax payroll deductions for your commuting costs.
Parents who are lucky enough to bring a new bundle of joy into the world can expect to spend between $200,000 and $500,000 before their child even makes it to college. Whew! Don’t forget to take advantage of tax breaks for your children when you file your taxes. Our infographic breaks down the different expenses involved with raising a child and looks at the total costs from birth to age 17.
There are two major categories of tax credits that can boost your tax refund—non-refundable and refundable. When you file your taxes in the next couple of weeks, here are five popular refundable and non-refundable tax credits that you may be eligible for:
On New Year’s Day 2013, Congress passed the much-talked about fiscal cliff tax legislation through The American Tax Relief Act of 2012 which is expected to be signed by President Obama. Here is a quick snapshot of what this could financially mean to you and your family in 2013.
The end of summer is upon us, and for the nation’s parents, that means one thing: back-to-school time. As in years past, stores are heavily promoting pens, notebooks, clothing, and other items families are sure to stock up on over the coming weeks. But what many parents may not be aware of are the sales tax holidays many states offer to make back-to-school shopping more affordable.
Both deductions and credits reduce how much tax you pay, but how both impact your taxes is quite different. Find out how they are different and find out about the different tax credits available at tax time.