As lawmakers look to the 2026 midterm elections, tax relief is back in the conversation. Two new proposals aim to lower taxes for low- and middle-income households by reducing how much income is taxed in the first place. Both plans have different approaches, but they...
earned income tax credit
Inflation is Affecting Taxes: Here are the Tax Adjustments Made by the IRS for 2023
In response to high inflation rates, the IRS made some of the biggest adjustments in history for tax year 2023. These changes affect individual tax brackets as well as some key tax deductions and credits for the taxes you will file in 2024. We go over the most...
Tax Credits and Tax Deductions: What’s the Difference?
If you want to end up owing less money to the IRS after filing your taxes (and who doesn’t?), claiming tax credits and deductions can greatly help to shrink that number. However, because they work in different ways, understanding the difference between a tax credit...
What to Expect from 2016 Tax Modifications
With 2016 being a year of immense political and cultural transference, many taxpayers may have missed the changes in tax laws that could affect their 2017 filing. Although we discussed refund delays related to Earned Income Tax Credits (EITC) and Additional Child Tax Credits (ACTC) in a previous blog, there are more changes taxpayers should […]
