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The Saver’s Credit—officially known as the Retirement Savings Contributions Credit—is a little-known but powerful tax break designed to reward low-to-moderate-income earners for saving toward retirement. For eligible taxpayers, this credit can directly reduce the amount of tax owed, or even...

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Paying for higher education in the U.S. can be expensive, but the Internal Revenue Service (IRS) offers valuable education tax benefits to ease the burden. One of the most substantial among them is the American Opportunity Tax Credit (AOTC). Designed...

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The Adjustments Section of IRS Form 1040, specifically Lines 10 through 15, plays a crucial role in reducing your total taxable income. These lines offer what are known as “adjustments to income” or “above-the-line deductions.” Unlike itemized deductions, these adjustments...

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Gambling winnings are considered taxable income by the Internal Revenue Service (IRS), and they must be reported on your federal income tax return. Whether you win from a casino slot machine, poker tournament, lottery, or sports betting, the IRS expects...

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Unemployment benefits can be a critical financial lifeline for individuals who’ve lost their job. However, many recipients are surprised to learn that these payments are considered taxable income. Understanding how unemployment benefits are taxed, how to report them, and how...

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Investments are a powerful way to build wealth, but when it comes time to sell, the tax implications can have a significant impact on your financial outcome. Whether you’re cashing out of stocks, redeeming mutual fund shares, or selling real...

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Being a parent is rewarding—but also financially challenging. Fortunately, the U.S. tax code provides several generous tax benefits to ease the financial burdens of raising children. Whether you’re covering daycare costs, claiming your children as dependents, or expanding your family...

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The Student Loan Interest Deduction is a valuable tax benefit available to individuals who are repaying qualified student loans. This deduction can help reduce your taxable income by up to $2,500, making it easier to manage the financial burden of...

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For millions of Americans repaying student loans, the Student Loan Interest Deduction offers a powerful opportunity to reduce their tax burden and potentially increase their refund. This deduction allows eligible taxpayers to subtract up to $2,500 of the interest paid...

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Filing your IRS Form 1040 is a fundamental responsibility for U.S. taxpayers. This comprehensive form is used to report your income, claim tax deductions and credits, and determine whether you owe additional tax or are due a refund. Whether you're...

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