2023 Personal Tax Deductions - News & Discussion on Tax Law

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Latest Member Blog Articles on Personal Tax Deductions
  • Two Simple Things May Help Lower Your Chance of an IRS Audit
    Being on the receiving line of an Internal Revenue Service agents phone call or mailing informing you that your tax returns are being audited is a nightmare that millions of Americans have undoubtedly had. A tax audit can turn an otherwise quiet life upside down and cause undue stress on an individual and their family.
  • One Stop Shop For Understanding Tax Brackets (And How To Pay Less Through Deductions)
    Most people's goal every tax season is to figure out how to owe as little in taxes as possible. The purpose of this entry is to help you with that. The goal here is to show you a handful of ways that you can potentially lower your tax bracket through various personal deductions, thereby lowering the percentage you are taxed at, and save you money.
  • Six Things That Determine If You Are Eligible For The Child Tax Credit
    The Child Tax Credit is one of the most straight forward tax credits that are available for Americans of all tax brackets. First enacted in 1997 and expanded in 2001, this credit has helped offset the cost of raising an eligible child under the age of seventeen.
  • Itemizing Sales Taxes vs Standard Income Tax, Which Deduction Is Best For You?
    Unless you live in Delaware, Montana, Oregon, or New Hampshire, you are well aware of exactly what your state (and/or local) sales tax is. Makes sense; you've had to pay it on almost every single item you've ever purchased from a retailer.
  • Eligibility and Requirements to Receive the Earned Income Tax Credit
    The Earned Income Tax Credit (EITC) is one of the few tax credits directly tailored to lower to middle income Americans who have jobs, but don't qualify for many other government benefits. It has undoubtedly helped millions of hard working Americans since it was first enacted in 1975 and is one of the most popular of tax credits in America.
  • Debunking The Top 5 Myths About Filing Your Taxes
    Many myths fly around come tax season, making big claims that you don't have to do this, or don't worry about that. But how do you know which are true, and which to avoid? Well, the best way to not come victim to believing a myth that might sound too good to be true about filing taxes is to contact the IRS directly.
  • Commonly Overlooked Tax Deductions You Should Know About
    Have you ever filed your taxes only to find out from a friend or colleague that you overlooked a tax deduction you knew nothing about? Most Americans are aware of the major deductions they are able to claim when they file their yearly tax returns, but there are a host of lesser known deductions that many taxpayers simply aren't aware of.

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  • IRS Provides the Cheapest And Most Effective Way to File Your Taxes
    Are you thinking of going to a tax professional to have them help you file your taxes? That is an option, and a good one for many people, but it doesn't have to be the only option for many others. The IRS offers free e-filing for basic returns and has partnered with e-file.com to offer two more low-cost services for individuals and businesses who need additional services.

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