Deductions and Credits
Tax resources about available deductions and credits.
Available deductions and credits
Latest articles about currently available deductions and credits
Are you wondering whether you can reduce your tax liability? Or receive a larger refund? This section contains articles about credits and deductions that can reduce your tax bill or increase your refund depending on your tax situation (i.e., having children, retirement accounts, or education expenses).
What is the difference between credits and deductions?
Deductions can reduce your income before you calculate the tax you owe – essentially, your taxable income.
Credits can reduce the amount of tax you owe dollar for dollar. They may even increase your refund. Certain credits may give you a refund even if you don’t owe any tax.
What’s New for Business Taxes?
Before filing taxes this tax season, it’s important for business owners to know what’s new for business taxes for 2023 and take advantage of the available deductions and credits. While some tax deductions are drawing…
Startup Costs: What You Need to Know
Startup costs follow different rules than ongoing business expenses. The IRS provides clear guidelines for deducting these startup costs, and understanding them can help you maximize your tax benefits.
Child Tax Credit: Are you eligible?
The Child Tax Credit (CTC) is a valuable financial benefit designed to help families with children offset the costs of raising kids. Whether you're a new parent or have multiple children, understanding the CTC can…
Business interest expense: Is it deductible?
For many companies, interest expenses constitute a significant portion of their operating costs, which is why the deduction of these expenses is a valuable tax benefit for businesses. Understanding this deduction can help business owners…
The Saver’s Credit: Are you eligible?
The Saver’s Credit is a tax incentive designed to encourage individuals to contribute to their retirement savings, whether through an Individual Retirement Account (IRA) or an employer-sponsored retirement plan. It’s important to note that this…
