The Ultimate List of Itemized Deductions for the 2022 Tax Year

The Ultimate List of Itemized Deductions for the 2022 Tax Year

Let’s take a look at some of the most common itemized deductions, whether you’re eligible to deduct them, and if it would save you money come tax time. Standard Deduction vs. Itemizing If you’ve ever done your taxes, you’re likely aware that all taxpayers (companies and individuals) are allowed to deduct certain expenses from their…

What is the Uniform Gifts to Minors Act (UGMA)?

What is the Uniform Gifts to Minors Act (UGMA)?

Are you planning for retirement and want to accelerate your investment portfolio? The Uniform Gifts to Minors Act (UGMA) may be a great option for those looking to maximize your savings. UGMA effectively provides financial support for minors without having the funds go through probate court or guardianship proceedings. In this article, I’ll talk about…

Taxes for Freelancers: A Guide to Filing, Deductions, & More

Taxes for Freelancers: A Guide to Filing, Deductions, & More

Taxes can be complicated, especially for freelancers. It’s important to understand the basics of taxes as a freelancer to ensure you don’t miss any deductions or credits that could help your bottom line. This article will go over the essentials of taxes for freelancers and provide tips on filing, finding deductions and credits, record-keeping advice,…

What is IRS Tax Form 5695?

What is IRS Tax Form 5695?

Tax form 5695 allows you to claim your credits for the Nonbusiness Energy Credit and the Residential Clean Energy (RCE) credit. RCE is the new name for the Residential Energy Efficient Property (REEP) credit. You can qualify for these credit if you made energy efficient upgrades to your home. A number of improvement costs can…

The Most Common Tax Deductions: What You Need to Know

The Most Common Tax Deductions: What You Need to Know

Tax deductions reduce your tax liability and fall into two categories, above-the-line and below-the-line. “The line” for the purposes of this discussion is your adjusted gross income (AGI). Above-the-line deductions reduce your AGI. An example would be a contribution to a traditional IRA. This can be an advantage because a lower AGI may enable you…