As we noted in our last post, deductions can help you reduce your gross income as you work towards reaching your taxable income. It is this definition of “income” that will determine how much in taxes should be paid. This could result in you getting a refund check...
Finding Real Life Solutions To Your Tax Problem
Month: February 2016
How you can use donations to reduce your taxable income
As more people participate in “refund season,” the more people are looking for deductions that can be applied to their income tax statements. As we have noted in prior posts, deductions can reduce your taxable income so that less taxes will be...
When can loan interest be deducted?
At this time of year, it is critical to figure out one’s taxable income.Why is this? The answer is simple. If, based on your taxable income, you have paid more in taxes over the last year, the federal government will issue you a refund. Most people understand...
If you think you paid more in taxes, you’re probably right
The saying “It’s refund season” is more than just a catchphrase. For many Americans, it is a reality that fuels their entire year. For the next coming weeks, millions of returns will be filed with the hope (or expectation) that they will receive money back. However,...