Preparing your own income tax return can be a challenging task that can leave you with more questions than answers. Unless you are very well versed on IRS tax law, you can prepare your own taxes,...

The United States has a progressive tax system. That means people with higher taxable incomes are subject to higher tax rates, while people with lower taxable incomes are subject to lower tax rates....

The IRS recommends that you keep all tax-related records for 3 years in case of an audit. However, old tax documents (such as last year's W-2's) can come in handy when you are filling out your...

Tax planning is the process of acquiring the latest tax knowledge and taking the necessary steps toreduce your income tax burden. If you want to either reduce your taxes or increase your refund for...

Tax Deductions vs. Tax Credits Tax deductions and tax credits may be the best part of preparing your tax return. Both reduce your tax bill, but in very different ways. Knowing the difference can...

Standard vs. Itemized Deductions: Prior to the passage of TCJA, millions of taxpayers were able to claim a larger deduction on their tax returns by itemizing their deductions. Thanks to the higher...

How to report the Advanced Child Tax Credit when filing 2021 Tax Return? Advance Child Tax Credit payments are early payments from the IRS of 50 percent of the estimated amount of the Child Tax...