Tax Deductions and Credits Archives - Page 3 of 6

TAX DUE with Black lady with shocked face What to Bring to Tax Appointment

What Does Federal Tax Due Mean? Don’t file without knowing this.

Did you get that infamous statement: Federal Tax due now?

When April 15^th comes around, you can feel a tinge of anxiety in the air. That’s because there are tens of millions of people who will owe money to the IRS. Now, this is the funny thing about the Internal Revenue Service – they tend to be pretty persistent about wanting their money.

So, you really need to know what the term “Federal Tax Due” means. Knowing this term can keep you in the good graces of the IRS for at least the next 12 months.

Is Lasik Surgery Tax-Deductible? The Surprising Secrets You Must Know!

Knowing if your Lasik surgery is tax deductible is just the first question to ask yourself.

There’s quite a bit of complexity when it comes to elective medical procedures, especially with insurance. These operations can often cost a lot out of pocket, so taking advantage of potential savings and recuperation is important.

Lasik surgery is an extremely useful procedure that can eliminate the need for glasses or contacts. This in itself can save quite a bit of money over time, but it may be able to reduce your tax burden as well.

So is Lasik tax deductible?

Child Tax Credit with family in sunset over ocean

Child Care Tax Credit: Think Twice Before Getting it This Year

Are you trying to figure out if you will receive the Child Care Tax Credit this year?

As you may know, the government allows for certain tax advantages if you have a child under the age of 18. Recently the government started distributing monthly advance payments of these credits in July through the Advance Child Care Tax Credit Payments.

Let’s go through everything you need to know about the current rules surrounding this updated program, if you qualify and if you should take advantage of this credit.

Is Estate Planning Tax-Deductible?

Estate planning is never a fun topic to talk about, but it’s extremely important in managing our money and assets well after we pass on. Without estate planning, the government is put in charge and things can get much more difficult for friends and family.

A common thought is that estate planning is only for the rich and successful. But that isn’t true at all. Everyone has some kind of estate, whether that’s owning a 2001 Toyota Corolla, multiple real estate properties, a treasured family heirloom, or having money in investment or retirement accounts.

Are HOA Fees Tax Deductible?

If you’re a homeowner, you’re probably wondering if your HOA fees are tax deductible?

Although the United States has an incredibly complicated tax code, it does allow for a large number of tax deductions you can take advantage of today. This allows you to lower your pre-tax income.

By doing this, you’re able to pay less in taxes or you may even receive a refund check from the IRS.

Let’s take a quick look at whether or not you can write-off your HOA fees.