Give some extra thought to these tax credits, because they could pay off if you qualify. Child and Dependent Care Credit – This credit seeks to reimburse for at least part of the cost of care while you're at work. You can qualify if you paid someone to care for your child, your spouse or a dependent while you were working or looking for work. The...

We know it’s always nice to get that big tax refund check from the IRS. Party time, right? But what if we told you that you were missing out on even more money – simply by giving up that big refund year after year? It boils down to this: If you’re getting a sizable refund just about every year and you’re having federal taxes withheld on your...

If you’re a college student (or the parent of one), you should know about some key tax breaks that are available to you when you do your taxes. Let’s take a look. Tax Credits There are two tax credits for higher education. They’re targeted at different types of students, so it pays to know the differences. American Opportunity Credit This credit...

One of the most complicated – or at least cluttered – aspects of the tax code is all the different kinds of deductions there are. Above-the-line, standard, itemized … what's the difference, and which do you qualify for? We'll look at these three different terms, but first, understand that all deductions work by cutting your taxable income. And...

You are required to file a federal income tax return if your income is above a certain level. That level varies quite a bit, depending on your filing status, your age and the kind of income you’re reporting. See the table below to see where your situation falls. Sometimes, File Anyway There are some cases where it’s advisable to e-file a tax...