Category: Tax Guides
Practical tax guides explaining deductions, credits, filing requirements, tax forms, deadlines, and common federal tax questions.
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Amending a Tax Return: When and How to Correct a Filed Tax Return
Making a mistake on a tax return does not necessarily mean the situation cannot be corrected. In many cases, taxpayers can file an amended tax return to correct information that was reported incorrectly on an original return. An amended return can be used for certain changes involving income, deductions, credits, filing status, or other information.…
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Tax Deductions and Tax Credits: What Is the Difference?
Tax deductions and tax credits can both reduce your overall tax burden, but they work in very different ways. Understanding the difference can help taxpayers evaluate their tax situation and avoid overlooking benefits for which they may qualify. What Is a Tax Deduction? A tax deduction reduces the amount of income that is subject to…
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Tax Guide: How to Prepare for Tax Filing
Preparing for tax filing is much easier when you organize your records before you begin. Whether you file your taxes yourself or work with a tax professional, having the right documents and information available can reduce errors and make the process more efficient. A good tax preparation process starts well before you submit your federal…