Home Blogs Category: Tax Deductions and Credits

Category: Tax Deductions and Credits

Deductions and credits may be similar but they are far from identical when it comes to your tax return. A tax deduction is a qualifying expense that decreases your taxable income. On the other hand, tax credits allow taxpayers to reduce their tax due to the IRS, dollar-for-dollar. You subtract the amount that the credit is worth from your tax liabilities. If you had to compare the two, a tax credit is more valuable on your tax return. Want to learn more about different credits you are eligible for or tax expenses you can claim? PriorTax tells you about expenses you can claim.

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prior tax
admin
Jul 9, 2023

Unfiled 2019 Tax Refund to Claim Thousands in Tax Return

The clock is ticking for 1.5 million Americans who have yet to file their tax returns from the year of 2019, missing out on potential refunds worth $1.5 billion. Those who still need to file must act fast, as July 17 marks the last chance to claim a tax refund, which could be in the thousands. Don’t leave money on the table.

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Educator Expense Tax Deduction
admin
Jun 29, 2023

Educator Expense Tax Deduction

Educator Expense Tax Deduction will let you subtract up to $300 worth of qualified expenses from your taxes for 2022. Here’s all you need to know

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Charitable Distribution
admin
Jun 22, 2023

Making Charitable Distribution and Contributions from a Traditional IRA

To make a tax Qualified Charitable Distribution (QCD) from your IRA, you are in luck – Prior Tax provides an easy way to do so. A special feature within the software ensures that this process goes smoothly.

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American Opportunity Tax Credit
admin
Jun 15, 2023

American Opportunity Tax Credit

Unlike other education-related tax benefits, which merely reduce income subject to taxation, taking advantage of American Opportunity Tax Credit can offer significant savings

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re-file tax returns
admin
Jun 8, 2023

Should I Re-File My Tax Return by Amending Tax Return?

How should one go about re-filing taxes by amending tax returns to take advantage of the new updates, and is it worth the effort

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fix tax return
admin
May 25, 2023

Fix your Tax Returns to Make Sure Your Federal Tax Return is Accurate

It’s not unheard of for additional information to arrive after you’ve already filed your taxes. This can be something like overlooked credits or tax form 1099 arriving too late in the season. Fortunately, the IRS has created an easy way to fix your tax return by amending it. It can be difficult to ensure your […]

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business computer tax deduction
admin
May 18, 2023

Take Advantage of Computer Tax Write-Off Opportunities

You may be able to take advantage of computer tax write-offs. So let’s explore what’s available.

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Earned Income Tax Credit (EITC) in 2023
admin
Apr 6, 2023

Earned Income Tax Credit (EITC) in 2023

Designed to provide financial relief, the low-to-moderate-income worker’s and family’s credit seeks to help those struggling to make a living wage.

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Self Employment Tax Write Off
admin
Mar 30, 2023

Self Employment Tax Write Off

you can deduct any work-related expenses you spend on business-related items such as cell phones, Internet service, software, and office supplies. You may also be able to benefit from self employment tax write off some home office expenses.

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self employment tax
admin
Mar 24, 2023

Self Employment Tax Filing in 7 Steps

Don’t let the thought of tax filing your self-employment tax gets you down – it’s actually easier than you think. Here are 7 simple steps to make sure your hard-earned money is going exactly where it needs to go.

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