Category: Tax Deductions and Credits

If you’re among the 70% of college graduates, the experience abruptly ended upon paying your first student loan payment.  Not only did the world slam you with the pressure to find a job, get your own apartment and pay student loans, but the student loan balance seems to carry some added weight; interest. Well, if […]

Should I Itemize My Deductions Instead of Taking the Standard Deduction? While filing your taxes, you can claim the standard deduction. This standard deduction varies on your filing status and allows you a deduction even if you haven’t saved any receipts over the tax year. Although most taxpayers take the standard deduction, there are some […]

A Holiday Child Tax Credit Carol For All!    Christmas day is soon and Hanukkah is now here, That means the dreaded Tax Season is getting near. Before filing, there are some things you should know, So we made a carol to make it less tedious and slow!   There is a tax credit you […]

The IRS does not allow you to claim both a credit and a deduction for the same educational expenses, so you have to choose whichever gives you the greatest benefit There are several different tax benefits available to students to help ease the cost of higher education. However the IRS does not allow more than […]

The student loan interest deduction could result in fewer taxes, but you have to meet the requirements All of you beleaguered underemployed college grads will be relieved to know that you can deduct student loan interest on your taxes. But, in order to do so, you must qualify according to all the rules and regulations […]

The state sales tax deduction was extended in 2010, but may not be available for 2012 One of the many deductions built into our tax code is the ability to deduct state and local income taxes. Some states, however, don’t have an income tax. They fill their coffers with a large sales tax instead. To […]