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Category Archives: Reviews

Tax Credits and Deductions

Tax credits and deductions both reduce tax liability, but in different ways. Tax deductions are qualifying expenditures that reduce taxable income. Tax credits, on the other hand, directly reduce the total tax liability, not taxable income.
Tax Deductions
Tax deductions are expenditures … Continue reading

What is EITC and Who Qualifies?

Earned Income Tax Credit (EITC) is a tax credit available to low and middle-income working individuals and families. It helps taxpayers to keep more of their earned income. To take advantage of this refundable tax credit, you have an annual … Continue reading

Standard Mileage Rates for Owner Operators

The IRS has announced the 2014 optional standard mileage rates for business, charitable, medical or moving expenses. The new rates will come into effect beginning Jan 1, 2014. For the use of an automobile including cars, panel truck, pickups and … Continue reading

Charity Donations and Tax Deduction

Charitable contributions are tax deductible if they are made to qualified organizations. An organization that has a tax-exempt status is not necessarily a qualified charity for tax deduction purposes.
Charitable contributions made to organizations such as specific individuals, political organizations … Continue reading

What is Innocent Spouse Relief?

Taxpayers that are in tax debt can seek relief from the entire debt amount using IRS’ Innocent Spouse Relief, if they fulfill the qualifying factors. In cases where married taxpayers file jointly, both the partners are responsible for the tax … Continue reading