Tax Savings from Higher Education Costs
Money you paid for higher education in 2015 can mean tax savings in 2016. If you, your spouse or your dependent took post-high school coursework last year, there may be a tax credit or deduction for you. Here are some facts from the IRS about key tax breaks for higher education.
Save on Your Taxes and for Retirement with the Saver’s Credit
If you contribute to a retirement plan, like a 401(k) or an IRA, you may be able to claim the Saver’s Credit. This credit can help you save for retirement and reduce the tax you owe. Here are some key facts that you should know about this important tax credit:
Top 10 Tax Tips about Debt Cancellation
If your lender cancels part or all of your debt, it is usually considered income and you normally must pay tax on that amount. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt cancelled in 2015. Here are 10 tips about debt cancellation:
6 Reasons to Choose Direct Deposit for Your Tax Refund
When you file your taxes, you have options on how to receive your refund. The best way to get it is by direct deposit. Eight out of 10 taxpayers get their refunds by direct deposit. Here are six good reasons why you should do the same in 2016:
Still Time to Make Your IRA Contribution for the 2015 Tax Year
Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA:
Claiming a Tax Deduction for Medical and Dental Expenses
Your medical expenses may save you money at tax time, but a few key rules apply. Here are some tax tips to help you determine if you can deduct medical and dental expenses on your tax return:
Early Retirement Distributions and Your Taxes
Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of the income tax you may have to pay. Here are a few key points to know about taking an early distribution:
Home Energy Credits Save Money and Cut Taxes
You can trim your taxes and save on your energy bills with certain home improvements. Here are some key facts to know about home energy tax credits:
Deciding Whether to Itemize or Use the Standard Deduction
Most people claim the standard deduction when they file their federal tax return, but you may be able to lower your tax bill if you itemize. You can find out which way saves you the most by figuring your taxes both ways. The IRS offers these six tips to help you choose:
Here’s What You Need to Do with Your Form 1095-B
This year, you may receive one or more forms that provide information about your 2015 health coverage you had in 2015. These forms are 1095-A, 1095-B and 1095-C. This tip is part of a series that answers your questions about these forms.