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What U.S. Taxpayers Should Know about 2023 IRS Inflation Adjustments

While many routines in life remain consistent, the tax code isn't one of them. Every year brings adjustments, and 2023 is no exception to that rule. Several vital changes, driven by inflation, have impacted everything from tax brackets to retirement contributions, but don’t fret - some of the changes might even be beneficial. Read through to get a clear breakdown of what's new, and the ways in which it will (or will not) affect your tax status this year. If you need expert tax advice or clarification on any of these adjustments, arrange a meeting with your CPA or other professional tax preparer.

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Discover the Tax Benefits for Historic Designation of Your DC Home

Preserving the character and historic charm of the historic homes in Washington, DC isn't just a matter of pride; it's also an investment in the city's rich cultural heritage. The District of Columbia offers a range of tax credits to incentivize homeowners to protect and maintain historic properties. If you own a historic home in the District, explore the potential tax benefits for historic designation of your DC home.

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The Inflation Reduction Act: Tax Benefits and Eligibility for Credits

The Inflation Reduction Act (IRA) of 2022 represents a significant milestone in U.S. tax legislation. Designed to address economic concerns and support various sectors of the economy, this legislation brings several key tax benefits to American taxpayers. Delve into the details of this complex yet vital piece of legislation.

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How to Determine Your Family's Eligibility for the Child Tax Credit

Most families can use any financial relief they can get, especially in the current economic landscape. The Child Tax Credit is a valuable resource that can provide some of that much-needed relief. Understanding tax eligibility criteria is essential to be sure you qualify before claiming any tax credit, including this one. Learn more about who is eligible for the Child Tax Credit, the requirements your family must meet, and how you can maximize this credit to the financial benefit of your family. Here's the basics on how to determine your family's eligibility for the Child Tax Credit.  

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How Education Tax Credits Offer Tax Savings for Eligible Taxpayers

Investing in education is almost always a wise decision, but it can also introduce a very real financial burden. Fortunately, there are education tax credits that can present a valuable opportunity to offset some of the associated expenses. Exploring how education tax credits work, the eligibility criteria, and how they can benefit you as a taxpayer can make higher education more accessible. Whether you are a student working to further your education, a small business owner taking courses for your own professional development, or the parent of a college student, these credits can lead to substantial tax savings. Here’s how education tax credits offer tax savings for eligible taxpayers.

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What You Need to Know About the Tax Rules for Claiming Dependents

When tax season approaches, it’s always a good idea for parents and guardians to familiarize themselves with the current rules for claiming dependents. Doing so can lead to valuable tax benefits but also comes with highly specific eligibility criteria and guidelines. Delve into the intricacies of claiming dependents on your income taxes and empower yourself with the knowledge you need to make informed decisions, maximize tax savings, and ensure full compliance with tax regulations. Here’s what you need to know about the tax rules for claiming dependents.

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Posted by: Myrick CPA Posted on: Jul 20 2023

Tax Credits You Don't Want to Miss: How to Determine Your Eligibility

Tax credits are powerful tools that directly reduce your tax liability, dollar for dollar. Unlike deductions designed to reduce your taxable income, tax credits directly reduce the amount of tax you owe. Tax credits are a great way to save money on your taxes because they can help to reduce your overall tax burden or even entitle you to a tax refund. Read on to learn more about the tax credits you don’t want to miss - and how to determine your eligibility.

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