Depending on the particulars of the situation, you may reduce your tax by claiming the Child and Dependent Care Tax Credit on your federal income tax return for any expenses related to payments made to someone to care for a child under age 13, a qualifying spouse, or a dependent. This is...
Even if you aren’t required to file a tax return because your income is below the standard deduction, you still need to file one to claim refundable tax credits that you qualify for. “The IRS doesn’t send refunds automatically; taxpayers need to file returns to claim them,” Weltman ...
General Motors and Tesla have the most EVs assembled in North America. Each also makes batteries in the U.S. But because of the requirements for where batteries, minerals and parts must be manufactured, it's likely that buyers of those vehicles would initially receive only half the tax cred...
If you purchased a qualifying electric vehicle in 2022 or 2023, the new version of the EV tax credit maxes out at $7,500. Vehicles bought before 2022 can still be claimed under the old credit if you file an amended tax return for the year of purchase. Don’t qualify ...
Rather, it was an email from TurboTax to its users with the subject line — CRITICAL NOTICE: Regarding your 2023 TurboTax return And here’s the message — Hi there, We’re contacting you because there might be an issue with the accuracy of your 2023 tax return. Due... Read more → ...
There are several energy-efficiency tax credits that can really reduce your tax bill. Miguel Burgos, CPA and TurboTax Live expert, breaks it all down.
The IRS has resolved thetreatmentof these payments and confirmed in most cases these payments are not taxable and so not required to be included in your federal tax return. For some states, like Massachusetts and Alaska, where 2022 tax rebates were part of existing schemes to repay excess stat...
Two tax credits for renewable energy and energy efficiency home improvements have been extended through 2034 and expanded starting in 2023.
When you prepare your tax return and are deciding on the standard deduction or itemized deductions, go the route that lowers your total taxable income the most. The single filer standard deduction for tax years 2024 and 2025 is $14,600 and $15,000, respectively; for married couples filing ...
Learn the important difference between these two ways of reducing your tax bill, and how you can use every tax benefit you're eligible to take.