Tax Tips

Itemize or Choose the Standard Deduction
 

Itemize or Choose the Standard Deduction

Posted: February 21, 2017
Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways.

IRS "Dirty Dozen" Tax Scams for 2017
 

IRS "Dirty Dozen" Tax Scams for 2017

Posted: February 17, 2017
The annual "Dirty Dozen" list of tax scams highlights various schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season.

Are Social Security Benefits Taxable?
 

Are Social Security Benefits Taxable?

Posted: February 13, 2017
If taxpayers receive Social Security benefits, they may have to pay federal income tax on part of those benefits. These IRS tips will help taxpayers determine if they need to do so.

Five Things to Know About the Child Tax Credit
 

Five Things to Know About the Child Tax Credit

Posted: February 8, 2017
The Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it. Here are five facts from the IRS on the Child Tax Credit.

Choosing the Correct Filing Status
 

Choosing the Correct Filing Status

Posted: February 1, 2017
Sometimes more than one filing status may apply to taxpayers. When that happens, taxpayers should choose the one that allows them to pay the least amount of tax. Here’s a list of the five filing statuses.

How Exemptions and Dependents Can Reduce Taxable Income
 

How Exemptions and Dependents Can Reduce Taxable Income

Posted: January 31, 2017
Most taxpayers can claim an exemption for themselves and reduce their taxable income on their tax return. They may also be able to claim an exemption for each of their dependents. Here are seven key points to keep in mind on dependents and exemptions.