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If you’re paying for child care while you work or look for work, you may be able to claim a tax credit to offset some of those expenses. The child and dependent care credit allows workers to claim work-related care expenses for qualifying dependents on their taxes. If your care expenses qualify, your credit may […]
How the Child and Dependent Care Credit Can Save You Money Read More »
Home ownership has its tax benefits. The IRS offers certain tax breaks to homeowners who pay mortgage interest and property taxes, upgrade their homes with energy-efficient improvements and more. But what if your name isn’t the only name on the title? Buying a home with your spouse, partner or roommate can bring home ownership within
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The IRS has adjusted more than 60 tax provisions for inflation for the 2023 tax year, including retirement plan contributions, estate taxes, earned income tax credits and tax brackets. These adjustments could affect how much you save toward retirement and how to plan for your 2023 taxes, starting now—even though the changes won’t affect your
New Tax Limits for 2023 Read More »
Exactly what percentage of your income goes to taxes? Many people don’t know—or would rather not think about it. While you may have a vague idea of how much gets withheld from your paycheck each pay period, you may not know your effective tax rate, which is the average percentage of your income you pay
What Is an Effective Tax Rate? Read More »
Tax brackets and standard deductions are changing for U.S. taxpayers in 2023. Adjustments are being made in response to inflation and average about 7% over 2022 rates, allowing for a slight tax reduction if your income remains the same, or a bit of room for a raise before a tax increase kicks in. Adjustments take
What Are the New Tax Brackets for 2023? Read More »
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How to Put That Tax Refund to Work to Build Credit Read More »