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Credits like the earned-income tax credit and child tax credit may be refundable. Non-refundable Tax Credits: These only reduce your taxes owed to $0, with no additional refund for excess amounts ...
If you or a loved one will incur educational expenses for K-12 or college, consider funding a 529 plan before year-end. While there isn’t a federal income tax deduction for 529 plan ...
“In addition, business owners might also look to expedite needed business expenses in a certain year when income may be higher in order to reduce that income and lower their tax liability,” he ...
As the end of the year approaches, many individuals and businesses scramble to make moves to minimize their tax liability before January 1st. There's nothing necessarily wrong with doing this.
If your provisional income is less than $34,000, then you’ll pay tax on 50 percent of your benefit, while if you can get that income under $25,000, none of your benefit is taxable.
Double hit in 2025. For those of you who turn 73 this year, the jig is up. For decades, you’ve been squirreling away retirement savings, allowing them to grow tax-free.Now it's time to start ...
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