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: Write-off for your business
The rules for startup costs differ from expenses for operating your business. The IRS specifies what startup costs are, how much you can deduct in the first year, when they are deductible, and how they…
Child Tax Credit: Are you eligible?
You can claim the child tax credit if your children meet specific criteria. Depending on your income, you may be able to claim the maximum amount. Moreover, you might be eligible for additional credit if…
Business interest expense: Is it Deductible?
Typically, business interest expenses are deductible when the loan is used for business operations. However, there are limits to how much businesses can deduct if they exceed a certain income threshold.
The Saver’s Credit: Are you eligible?
The saver’s credit is a tax credit for contributing to an IRA or employer-sponsored retirement plan. In addition, the credit is nonrefundable, meaning the credit can only reduce your taxes, not provide you with a…
