Since we withdrew money from our 401 (k), we expect to owe the IRS money this year. However, by itemizing and deducting the interest paid on our mortgage debt, along with several additional tax breaks ...

When my wife pointed out that our combined income would affect our Roth IRA contributions, I realized I needed to learn more ...

A tax credit directly reduces a person’s actual tax liability, or tax bill. Unlike deductions (which reduce income before ...

The simple act of withdrawing money during the downturn not only becomes a taxable event, but it's also going to be an erosion event. If you have another bucket, the reverse mortgage line of credit, ...

With tax season here, understanding whether to itemize deductions or take the standard deduction can help you maximize ...

"Maximizing your deductions to lower your tax bill will help offset the impact of taxes on your retirement income and leave more money for you to spend in retirement," he says. Nearly 47 million ...

Be aware of the income limits associated with IRAs and Roth IRAs to see if you're eligible for a tax deduction. You might decide to set up automatic contributions going forward to save on a ...

Owning a home is a milestone of personal achievement. And with Tax Day just around the corner, you might be surprised to find ...

While deductions and credits can both positively impact your tax bill, credits can have the most influence. With a deduction, ...

A tax deduction is an amount of your income that isn’t taxed due to certain qualifying factors and non-taxable payments. “There’s very few of those right now that most people can take. But it’s ...

This tax season, my household is claiming the mortgage tax deduction. So we're doing that dreaded thing everyone whispers about: itemization. Like most taxpayers, our household usually takes the ...