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The student loan interest deduction is a tax break for college students or parents who took on debt to pay for their school. It allows you to deduct up to $2,500 in interest paid from your taxable income. Payments on federal student loans have been paused since March 2020. If you didn’t make any payments […]

With the start to the new year behind us, it is time to once again plan ahead for tax season. With the exception of those serving in combat zones or stationed outside the U.S, most military personnel and their families must file taxes by the traditional April 15 deadline. As usual, there are a number

Get a closer look at IRS information and resources available to help taxpayers prepare and file their tax return. Get to know the IRS, its people and the issues that affect taxpayers.   By Ken CorbinIRS Wage and Investment Commissioner and Chief Taxpayer Experience OfficerCL-23-02, February 17, 2023 During the past 37 years working at

The Best Tax Software Deals This Week* *Deals are selected by our commerce team Editors’ Note: PCMag is in the process of testing and reviewing tax software for 2024, which you’ll use to file your 2023 taxes. We will update the product reviews and this article shortly. Online tax preparation services and their mobile apps

No one likes tax season. It’s complicated, it’s stressful, and it’s getting worse. Last year was already the “most challenging year taxpayers and tax professionals have ever experienced,” according to the Taxpayer Advocate Service, an independent part of the Internal Revenue Service. According to the agency’s annual report, taxpayers had trouble reaching the IRS, tax

Kevin Dodge | The Image Bank | Getty Images As inflation causes a spike in the cost of college, many parents may be concerned about higher tuition bills. A few tax breaks, however, may offer relief for cash-strapped families, financial experts say. If there’s an undergrad in the family, you’ll want to consider the American

Accountants’ desks are piling up as taxpayers try to maximize their returns. “It’s a little bit stressful,” said client Shirley Connolly. “There’s a lot of new things that are out.” One of those new additions is a carbon tax rebate. Many provinces already offer one, but Nova Scotia, Prince Edward Island and

In this first chapter of the 2023 Tax Guide, EisnerAmper provides year-end tax planning strategies for 2022. Effective tax planning can accomplish much more than just saving income taxes for the current and future years. If done properly, effective tax planning can maximize the amount of funds you will have available for retirement, reduce the