Tax Credits

A tax credit is an incentive that lets a taxpayer reduce the total amount of tax owed. Find out which tax credits are available to you.

Tax Basics

Long-term capital gains tax basics

Certain windfalls are considered capital gains. Here’s how to determine what you’ll owe.

9 min read

The average tax refund

The average tax return for the 2020 tax year was $2,827, a 13.24 percent increase from the previous year.

2 min read

Cryptocurrency taxes: A guide

The IRS is stepping up enforcement on potential tax evasion by looking more closely at who’s exchanging cryptocurrencies.

6 min read

What is net income?

Net income provides a more accurate account of the financial status. Here’s why.

2 min read

Latest Tax Credit Articles

Sales tax holiday in South Carolina

South Carolina’s sales-tax holiday can save shoppers a few dollars as long as they follow all the rules.

1 min read Jul 22, 2015
Sales tax holiday in Tennessee

Tennessee’s sales-tax holiday can save shoppers a few dollars as long as they follow all the rules.

1 min read Jul 22, 2015
Sales tax holiday in Missouri

Missouri’s sales-tax holiday can save shoppers a few dollars as long as they follow all the rules.

1 min read Jul 22, 2015
Home sweet homeowner tax breaks

Owning a home offers lots of benefits, including ways to reduce your tax bill.

7 min read Jul 15, 2015
Must pay back first-time homebuyer credit?

Due to your circumstances, you may not have to repay the first-time homebuyer tax credit.

3 min read Mar 03, 2015
Used capital loss carryover. Do I owe tax?

Just because you used up that loss doesn’t mean your tax bill will rise sharply.

2 min read Feb 05, 2015
Hire a pro to find missed tax breaks?

Here’s how to find a tax pro who can determine if you missed out on some tax breaks.

2 min read Jan 20, 2015
Health care tax credit glitch for filers

Taxpayers who received an Obamacare tax credit may be shocked at filing time.

4 min read Jan 06, 2015
Basis for depreciation on rental property

Here’s how to figure the basis for depreciation of the home you are converting to a rental.

2 min read Nov 18, 2014
The skinny on reverse 1031 exchange rules

There’s a way to buy a property before selling your 1031 like-kind exchange, but be careful.

2 min read Oct 02, 2014
How to dispose of a 1031 exchange

You accounted for the 1031 property when you acquired it, so the IRS knows about it.

2 min read Apr 29, 2014
Can I claim Mom as a dependent?

You have to meet certain tests to claim your mother as a dependent on your taxes.

2 min read Apr 03, 2014
Claiming an energy tax credit for new roof

You may qualify for a tax credit of up to $500 if your roof meets certain energy requirements.

2 min read Mar 27, 2014
Proof needed to claim earned income credit

The IRS requires tax preparers to furnish proof of a child’s residency to claim the EITC.

2 min read Mar 18, 2014
Benefits of contributing to a 403(b) plan

You enjoyed the benefits while you were working, but now in retirement it’s time to pay taxes.

2 min read Jan 28, 2014
The tax joys of parenthood

Children are expensive. But parents can take advantage of several child-related tax breaks.

4 min read Jan 01, 2014
Homebuyer tax credit claims and payback

Some taxpayers will have to claim the first-time homebuyer credit or begin paying it back.

4 min read Feb 21, 2013
What makes up the ‘fiscal cliff’?

Expiring tax breaks and spending cuts may create an avalanche of revenue, but look out!

Dec 17, 2012
Taxes: Cost of being a professional athlete

Did you know pro athletes have to file taxes in 10 to 26 places? See what the ‘jock tax’ costs.

5 min read Mar 15, 2012
Small-biz tax write-offs

Do you know which tax write-offs you can claim being a small business?

1 min read Feb 22, 2012