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The Affordable Care Act Premium Tax Credit is a new refundable tax credit that can lower your monthly health insurance premiums. If you qualify for the tax credit, you can claim the Premium Tax Credit throughout the year to lower your monthly health insu
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Choosing a tax status can be harder than it looks, especially if you’re new to taxes or if you’ve had a recent life change, such as a divorce.
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Here’s what you need to know about claiming expenses for your home office. Home office expenses: What you need to know If you don’t know what you can claim, getting tax relief for your home office can be a pain. If you’re afraid of the taxman, you may err on the side of caut...
Simple ways to avoid paying taxes legally: Click on the links to navigate to specific sections. 401k/Contribution to IRA Open a Health Savings Account Itemized Deductions Claim Tax Credits Charitable donations Flexible Spending Accounts (FSA)
How to Claim Itemized Deductions Taxpayers should gather relevant information on their expenses and compare the amount they may itemize against their potential standard deduction. The standard deduction amounts by filing status for 2024 and 2025 are below.113 2025 and 2025 Standard Deduction Filing...
The Internal Revenue Service (IRS) requires proof of charitable contributions to claim a donation as a tax deduction.