Tax Changes to Know for the 2025 Filing Season As we approach the 2025 tax season, several key changes are set to impact taxpayers. Here’s what you need to know: 📈 Increased Standard Deductions The IRS has raised standard deductions for 2025: Married Filing Jointly: $30,000 (up $800) Single Filers:
What to Do If You Get a Tax Notice from the IRS Receiving a tax notice from the IRS can be nerve-wracking, but it’s important to stay calm and take the right steps. Here’s what you need to do if you get a letter or notice from the IRS: 1.
Should You File for a Tax Extension? Pros and Cons Need more time to file your taxes? A tax extension could give you the breathing room you need, but it’s not always the best choice. Here’s a breakdown of the pros and cons to help you decide if filing for
American Opportunity Credit vs. Lifetime Learning Credit -What’s the Difference? Maximize Your Education Tax Benefits by Choosing the Right Credit If you’re paying for higher education, you might be eligible for tax credits that reduce your tax bill—possibly by thousands. The two most common are the American Opportunity Credit (AOC)
Claiming the Standard Deduction vs. Itemizing: Which Is Better? When filing your taxes, you have two main choices for reducing your taxable income: claiming the standard deduction or itemizing your deductions. Here’s a quick breakdown to help you decide which is best for you! 1. What’s the Standard Deduction? 🏠
If you're paying for education- whether you're working on your degree, taking night classes, or pursuing professional development- you may be leaving money on the table if you're not taking advantage of the Lifetime Learning Credit.
What Is the Saver’s Credit and Who Qualifies? The Saver’s Credit is a tax break for low- and middle-income earners who contribute to retirement accounts. It can reduce your tax bill by up to $1,000 ($2,000 for married couples). Here’s what you need to know: 1. Who Qualifies? ✅ To
New Baby? Here’s What to Know for Your Next Tax Return Welcoming a new baby is life-changing—and it can also bring some big tax benefits! From tax credits to dependent deductions, your little one could help lower your tax bill and increase your refund. Here’s what new parents need to
How Getting Married Affects Your Tax Bracket Getting married is a big life change—and it can have a big impact on your taxes too! Whether you’re planning a wedding or just tied the knot, it’s important to understand how your marital status affects your tax bracket, filing status, and overall
Can Both Parents Claim the Same Child on Their Taxes? Short answer: No, both parents cannot claim the same child on their tax returns in the same year—even if they share custody. The IRS only allows one parent to claim the child as a dependent for tax benefits each year.
