Category Archives: Credits
Did you purchase an electric vehicle in 2024 but were unable to claim the up to $7,500 clean vehicle tax credit due to a dealership error? You’re not alone. A significant number of buyers missed out because their dealer failed to file the necessary paperwork in time. Thankfully, the Internal Revenue Service (IRS) has now […]
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Investing in foreign stocks can be a savvy move for diversifying your portfolio, especially with projections suggesting strong growth in international markets. However, a common mistake could be costing you money. If you hold these foreign investments within a tax-deferred account like an Individual Retirement Account (IRA), you might be forfeiting a valuable tax benefit: […]
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What is the Saver’s Credit? The Retirement Savings Contributions Credit, more commonly known as the Saver’s Credit, is a valuable tax credit designed to help low- and moderate-income taxpayers save for retirement. It essentially rewards you for contributing to an eligible retirement account. Unlike a deduction, which lowers your taxable income, a credit directly reduces […]
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As a student or parent of a student, you may be eligible for tax credits that can help offset the cost of education. The American Opportunity Credit and the Lifetime Learning Credit are two of the most commonly used tax credits for education expenses. In this blog post, we will explore the similarities and differences […]
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Don’t be alarmed if you receive a letter from the Internal Revenue Service; it may indicate that money is owed to you and has to be claimed. Over 9 million Americans are still owed stimulus payments, the Earned Income Tax Credit, or the Child Tax Credit, according to a 2022 IRS announcement. The IRS wants […]
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A rule announced by the Biden administration will make it simpler for families with at least one member who receives health insurance from a job to qualify for Affordable Care Act subsidies that lower monthly rates. If a person qualifies for affordable employer coverage that complies with minimum coverage requirements, they are not eligible for […]
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The Inflation Reduction Act contains a number of different modifications that affect the cost of EVs, including income restrictions and car price constraints. The choice of whether to purchase an electric vehicle right away or wait a few months might cost buyers thousands of dollars. The Inflation Reduction Act, a significant tax, healthcare, and environmental […]
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The Affordable Care Act, also known as Obamacare, included the premium tax credit at its inception to assist Americans of lower and middle incomes in paying for health insurance obtained through the healthcare marketplace, HealthCare.gov or a state exchange. By using the credit to reduce the cost of health insurance, more people are able to […]
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The IRS has issued all first, second and third Economic Impact Payments. Most eligible people already received their stimulus payments and won’t be eligible to claim a Recovery Rebate Credit. The IRS is no longer issuing third Economic Impact Payments. People who are missing a third stimulus payment or got less than the full amount […]
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This year, millions of low-income Americans may be eligible for a one-time tax relief that may save them a lot of money. The federal Earned Income Tax Credit, which is geared for low-wage workers, is being increased for a group of workers who generally don’t benefit much from it: single individuals without children. Low-income employees […]
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