This is an important reminder for parents who share custody of their children because if both parents try to claim the same dependent or benefits, the IRS may reject one of their tax returns.Ĭlaiming the right write-offs can make all the difference when it comes to taxes. Burgos warned that many tax returns get rejected because taxpayers claim certain deductions but don’t provide the required information. Additionally, homeowners can deduct interest paid on their mortgage and property taxes, which can be deducted right now after the last tax reform, up to $10,000.īefore hitting the send button on your tax return, it's important to double-check all the details. The Difference Between Tax Credits and Deductions Explained With Sticky Notesīurgos noted that taxpayers can claim credits and deductions, such as medical expenses that exceed 7.5% of their adjusted gross income, up to $2,500 in interest paid on student loans each year - as long as their income falls below a certain limit - and donations made to qualified charitable organizations.
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