If someone doesn’t qualify as a dependent, they may still be considered a qualifying relative, which can affect your tax deductions. To find out, use the free RELucator tool to see if the person qualifies as a relative, or the DEPENDucator tool to check if they qualify as a dependent...
It's never too early to start saving for those college bills. And it's no surprise the Congress has included some tax goodies to help parents save. One option is a Section 529 Education Savings Plan. Contributions to these plans are not deductible on your federal taxes, but earnings grow ...
It applies to eligible contributions to retirement plans. You must be at least 18 years old and not a full-time student during the year. Also, you may not be claimed as a dependent on someone else’s tax return. For 2024, the credit is available to those with maximum annual incomes of...
Knowing your effective tax rate gives you a clear picture of your tax liability each year. Kimberly LankfordApril 8, 2025 File Taxes Directly With the IRS Direct File is the IRS free tax preparation software program that qualified users can access to prepare and file their federal income taxes...
If you have an employer, you may be claiming too many exemptions on your W-4 form. You fill out this form when you get hired, and it helps determine how much of your paycheck will go to federal taxes. You may need to update your W-4; this means you'll have less money ...
Gross income is the total amount of income a person or company has earned before tax deductions have been made from that income. It's calculated as the total amount of revenue earned before subtracting expenses like costs, interest, and taxes. ...
It’s important to understand that personal expenses, such as commuting from home to work, are generally not deductible. However, there may be exceptions for individuals who are self-employed or have a home office that qualifies as their primary place of business. ...
By spending more, cutting taxes, or sending “stimulus checks,” the federal government can inject massive amounts of money into the economy when growth slows, inspiring people to shop and companies to invest. This tends to increase inflation as more people chase goods, raising demand. The ...
If you use more of the PTC than your final taxable income allows, you may need to repay the difference when you file your taxes, but if you use less than you qualify for, you may receive the difference as a refundable credit on your return. ...
Find out who is protected by the federal Fair Housing Act of 1968, how to spot housing discrimination and ways to report it.