If you're married, there are circumstances where filing separately can save you money on your income taxes.
Taking time to learn about key tax credits and deductions can help you save hundreds of dollars or more each year. Kimberly LankfordJan. 21, 2025 What to Know About TikTok If you rely on the platform for income and recognition, take action now to mitigate loss should it go away permanently...
If you just got married, yay! But you may not be able to file jointly justyet. You need to have been married before January 1 of this year to filelastyear’s taxes jointly. So if you got married on December 31 of last year or earlier, you can file together. But if you got marri...
In 2025 (taxes due 2026), the exclusion rises to $130,000. You have to live and work in a foreign country for this to apply. To claim the exclusion, file IRS Form 2555 with your tax return. Some of your housing ...
If your family has three or more qualifying children, you can claim up to $7,830 using this credit in 2024. Education-related tax breaks: If you’re dealing with student loans, there is an opportunity to deduct up to $2,500 in interest paid during 2024, contingent on your income. ...
When to claim the standard deduction If your standard deduction is less than your itemized deductions, you probably should itemize and save money. If your standard deduction is more than your itemized deductions, it might be worth it to take the standard and save some time. Try this quick che...
And one thing I would point out too, if you do have kids, discuss who is going to claim the child on their taxes. Because only one person is able to claim a dependent. So that's one important discussion I always say to have. TRACY BYRNES: The huge one, a lot of couples take ...
How to decide which deduction to take Only taxpayers who itemize can claim state and local tax deductions, so your first step is to decide whether to take thestandard deduction or to itemize deductions. If your total itemized deductions are less than the standard deduction, then you would claim...
Married couples can choose to file their own tax returns, which would be the category of married filing separately. Each individual in the couple will report their own income and deductions on separate returns. Taxes are generally higher for those couples filing separately than if they were to ...
In addition, foreign real estate taxes are not tax deductible.4 Charitable Donations: Donations made to qualified charities are deductible. The limit on charitable contributions is typically 60% of your AGI, but this varies depending on the type of donation and the recipient organization. If you ...