which means that if the tax you owe is less than the limit, you don't get the rest of the money back. For example, if you owe $400 in taxes, the credit was worth $400. You did not get to keep the remaining $600. This has changed in 2018 so that a portion of the credit...
The IRS treats a Pell grant as a scholarship, which means it's possible that you'll have to report the grant money on your tax return and maybe even pay income tax on the money.
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You do not need to file a gift tax return or pay gift taxes if your gift is under the annual gift tax exclusion amount per person ($18,000 in 2024). But even if you do exceed that amount, you don’t necessarily need to pay the gift tax. This is where the lifetime gift tax exc...
So, I wanted to lend a hand. This article will highlight a good chunk of things to know if you are doing your own taxes. Even for those who have DIY tax experience – you’ll find value here as well – with updates on what’s new for 2025 tax filing, deadlines, credits, deduction...
Adjusted gross income (AGI) is extremely important for filing your annual income taxes. More specifically, it appears on your Form 1040 and helps determine which deductions and credits you are eligible for. Based on the amount of your AGI, you can then figure out how much you’ll owe in ...
spending money so that you, your spouse or your dependents can go to a post-secondary college, university or vocational school. It, too, is partially refundable. It’s worth up to $2,500 of what you spend per student on qualified tuition, education expenses, fees and course ...
all seem to have programming skills or experience working with databases, the refund check can go toward tuition for courses in those subjects. By taking advantage of the Lifetime Learning credit, you may be able to use the costs of the course to take money off your taxes again next year...
and a tax refund could help you fast-track that saving fund. It could ease the financial burden of funding a college education. Data shows that the annual tuition at private and public schools is on the rise, with about a 4% increase each year for private schools and a 1% increase yearl...
Tax season can bring a mix of dread and glee. Doing your taxes is a pain, and you might be worried that you’re going to owe Uncle Sam some money. But getting a refund check is like Christmas in April. And getting that check brings up the question of what to do with a tax refund...