Category: Tax Deductions and Credits

Did you make a donation this year? Here are a few tips for claiming it on your tax return. What’s better than getting a larger tax refund from your tax return? Giving to a good cause. In fact, WebMD.com’s article “The Science of Good Deeds”, explains that giving to others not only gives something called a […]

Let’s face it- paying back student loans is painful. At least you’ll be able to deduct the interest paid on the loans! College is great. However, the fairy tale ends six months after graduation, when it’s time to start making payments on your student loans. The good news is  this; when filing your taxes, you can […]

If you’re among the 70% of college graduates, the experience abruptly ended upon paying your first student loan payment.  Not only did the world slam you with the pressure to find a job, get your own apartment and pay student loans, but the student loan balance seems to carry some added weight; interest. Well, if […]

Should I Itemize My Deductions Instead of Taking the Standard Deduction? While filing your taxes, you can claim the standard deduction. This standard deduction varies on your filing status and allows you a deduction even if you haven’t saved any receipts over the tax year. Although most taxpayers take the standard deduction, there are some […]

A Holiday Child Tax Credit Carol For All!    Christmas day is soon and Hanukkah is now here, That means the dreaded Tax Season is getting near. Before filing, there are some things you should know, So we made a carol to make it less tedious and slow!   There is a tax credit you […]

The IRS does not allow you to claim both a credit and a deduction for the same educational expenses, so you have to choose whichever gives you the greatest benefit There are several different tax benefits available to students to help ease the cost of higher education. However the IRS does not allow more than […]

The student loan interest deduction could result in fewer taxes, but you have to meet the requirements All of you beleaguered underemployed college grads will be relieved to know that you can deduct student loan interest on your taxes. But, in order to do so, you must qualify according to all the rules and regulations […]