Taxes

Whether you owe taxes or receive a refund comes down to how much tax was withheld from your paychecks, how your income changed over the year, and whether you still qualify for the credits and deductions you may have relied on in the past. If too little tax is withheld…

Paying off your mortgage early saves you money on interest but it can also change your tax situation. Once the mortgage is gone you lose the mortgage interest deduction, which may reduce the total amount you can itemize on your tax return. That could mean a higher taxable income than…

Home improvements can make your home more comfortable, raise its value and lower energy costs over time. Some projects may also qualify for tax credits or deductions. These tax breaks can reduce what you owe when you file your taxes. In other cases, the cost of improvements can increase your…

Most people are used to seeing sales tax on a receipt, but not every purchase includes it. When it doesn’t, you may still owe tax on that purchase through what’s called a use tax. This comes up most often with online shopping, out-of-state purchases and private sales. Understanding the difference…

Most people see taxes come out of their paycheck without thinking much about where the money goes. Federal taxes follow one set of rules no matter where you live, but state taxes vary widely depending on your location. Some states have no income tax at all while others take a…

While buy-to-let real estate can generate steady cash flow and long-term appreciation, it also introduces specific tax rules, reporting requirements and potential liabilities. Rental income is generally taxable, but investors may qualify for deductions that reduce their overall tax burden. These can include expenses like mortgage interest, maintenance, depreciation and…

The Child and Dependent Care Tax Credit helps offset the costs of care for children under 13 and other qualifying dependents while you work or look for work. For 2026, you can claim a percentage of up to $3,000 in care expenses for one dependent, or $6,000 for two or…

Selling real estate can result in a significant profit, but it may also trigger capital gains taxes depending on whether the property qualifies for IRS exclusions, how much was earned and how long you owned the property. In most cases, capital gains taxes are owed for the tax year in…

The Credit for Other Dependents provides a $500 tax benefit for qualifying dependents who don’t meet the requirements for the Child Tax Credit. This credit covers dependents age 17 or older, including adult children, elderly parents and other relatives who rely on your financial support. Unlike the Child Tax Credit,…

Whether you have to report an inheritance on your taxes depends on what you inherit and the subsequent handling of that inheritance. While inheritances themselves are often not subject to federal income tax, certain inherited assets can generate taxable income once they begin producing interest, dividends or distributions. Because inheritance…