When you move from one state to another during the tax year, your tax situation can become more complex. You may not be a full-year resident of either state, which means you must file as a part-year resident. Most U.S....
Moving can be costly and stressful, especially for members of the U.S. Armed Forces who often relocate due to military orders. While most taxpayers lost the ability to deduct moving expenses under the Tax Cuts and Jobs Act (TCJA), an...
When it comes to lowering your tax liability, the IRS allows deductions for qualified medical expenses if you itemize your deductions. While many people remember to deduct hospital bills and prescriptions, several lesser-known deductions are frequently overlooked—especially those related to...
Healthcare can be one of the largest annual expenses for American families. Fortunately, the IRS provides a tax break in the form of the medical expense deduction. If you have substantial out-of-pocket healthcare costs, you may be able to deduct...
Healthcare costs in the U.S. can be substantial, but the IRS offers some relief through the medical expense deduction. If your qualified medical expenses exceed a certain percentage of your adjusted gross income (AGI), you may be able to deduct...
The Child Tax Credit (CTC) is one of the most valuable tax benefits available to families with children. Designed to reduce your tax liability and even increase your tax refund, the credit has undergone several changes in recent years. Understanding...
Property taxes are one of the largest recurring expenses for homeowners, but they also provide one of the most valuable tax deductions—especially if you itemize your deductions. By understanding how property tax deductions work, who qualifies, and how to report...
As tax season approaches, many taxpayers look for last-minute ways to reduce their tax liability and increase their IRS refund. Two of the most powerful tools at your disposal—even as late as Tax Day—are contributions to a Health Savings Account...
Strategically timing the sale of your capital assets—such as stocks, real estate, or other investments—can play a significant role in minimizing your tax liability and maximizing your IRS refund. By understanding the rules surrounding short-term and long-term capital gains, taking...
Owning a home provides more than just a place to live—it can be one of the most effective ways to reduce your federal income tax bill. Two of the biggest tax breaks available to homeowners are the mortgage interest deduction...
