Deductions vs. Credits: What You Need to Know
As you prepare your taxes this year, it’s important to understand the key differences between certain tax breaks. Knowing how deductions and credits work can help you make more informed choices about how you fill out your tax return, and help you legally reduce your tax liability as much as legally possible.
What are Deductions?
Deductions […]
The number of states legalizing marijuana for different purposes is on the rise. There are states that allow marijuana use for medical purposes, and some even allow it for recreational purposes. However, many states charge a great deal in taxes. On top of that, the fact that marijuana […]
One of the best things you can do for your finances and your tax efficiency is to take a look at your tax options near the beginning of the year and see what might be available.
One of the most popular tax credits out there is the Earned Income Tax Credit (EITC or EIC). This is a credit aimed at helping low to medium income taxpayers. The biggest advantage of the EITC is that it is refundable. This means that […]
Small businesses are often considered the backbone of our economy. In order to help small businesses grow, the government often provides different tax credits. These tax credits can provide incentives that keep costs down for small businesses, and can even help the economy as small businesses […]