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Faq
Free Asked Question
1. What is the difference between a tax credit and a deduction?
A tax credit directly reduces the amount of taxes you owe, while a deduction decreases your taxable income. Credits are beneficial as they directly impact the final amount you owe to the IRS.
2. How can I maximize my tax refund?
Maximize your refund by ensuring you take advantage of all available deductions and credits. Keep detailed records of deductible expenses, such as charitable donations, and consider contributing to tax-advantaged savings accounts like IRAs.
3. What documents do I need to file my taxes?
You'll need your W-2 forms for salary income, 1099s for additional income, receipts for charitable donations, information on deductions and credits, and your social security number. Keep all documentation organized for an efficient filing process.
4. How do life changes impact my tax situation?
Life changes such as marriage, the birth of a child, or buying a house can affect your tax situation. Update your marital status, dependents, and deduction claims to ensure your return accurately reflects your current situation.
