Category Archives: Credits
Navigating the complexities of investment portfolio management involves strategic allocation of resources, especially when it comes to deciding where to direct new funds within your Individual Retirement Account (IRA). An effective approach is to conduct a thorough analysis of your portfolio’s current composition, evaluating the distribution across diverse asset classes, sectors, and geographical regions. For […]
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The Retirement Savings Contributions Credit, commonly known as the Saver’s Credit, is designed to offset a portion of the first $2,000 that individuals voluntarily contribute to retirement accounts like Individual Retirement Arrangements (IRAs), 401(k) plans, and similar workplace retirement programs. This credit extends to eligible individuals with disabilities who are designated beneficiaries of an Achieving […]
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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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If you are an American looking to stash away some money for next year, you need to take advantage of this unknown tax break that has been recently updated by the IRS to reduce liability next year. The condensed term saver’s credit from the retirement savings contribution credit offers up to $1,000 in credit to […]
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