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What Popular Tax Breaks Are at Risk If GOP Overhauls Taxes?WASHINGTON * When Republicans say they want to lower taxes and get rid of loopholes to make up...Ohlemacher, Stephen
Which College Education Expenses Get Tax Breaks? College tuition and fees can be used to claim tax credits. Expenses for buying books, laptops, and similar necessities also qualify. You can claim credits for these expenses even if you paid them using a student loan. You cannot claim credits f...
“A 529 plan can be used for room and board, rent, housing costs, meal plans, books, special services, computers and even repayment of student loans,” Benson says. “All of these are not eligible for the lifetime learning credit.” Several tax breaks can help you cover th...
How to Navigate the IRS Wash Sale Rule If you're considering tax-loss harvesting, you'll want to avoid running afoul of the wash sale rule. Marguerita ChengDec. 19, 2024 Tax Breaks for Investors With Advisors Financial advisor fees are not tax-deductible now, but there are still tax benef...
Inflation, layoffs, and the stock market can also impact your tax situation. While the IRS adjusts many figures for inflation annually, certain tax breaks remain unchanged and may not fully account for rising prices. Additionally, severance payments from a layoff or capital gains taxes on ...
What types of tax cuts are there? There are three types of tax breaks:a tax deduction, a tax credit, and a tax exemption. A tax deduction reduces the amount of gross income that is subject to taxes. A tax credit offsets the taxpayer's liability on a dollar-for-dollar basis. ...
If you travel for work, you may be able to claim tax deductions for some of the expenses you incur while you're away from home on business. But your "home," in this sense, isn't necessarily where you live. It's where you work—what the IRS refers to as your "tax home." ...
By Rajeev Upadhyay — On Jan 10, 2011 Tax planning is essential part of financial planning. it not only helps in saving some money by paying less taxes as tax breaks allow for these savings but also it results into making saving a habit. Hot...
Article Sources Part of the Series Tax Deductions and Credits Guide Understanding Tax Breaks Tax Credits Tax Credits for Parents/Students/Dependents