How Itemized Deductions Work

Don’t worry – the IRS doesn’t want to tax every last cent you earn. In fact, the department offers a standard tax deduction — a gift! — to all taxpayers based on their filing status. Here are the standard deduction rates for the 2022 and 2023 tax seasons: Filing status…

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5 Tax Tips for Homeowners

Owning a home comes with numerous benefits, and one of them is the opportunity to claim various tax credits and deductions. Let’s look at some ways you can maximize your tax savings as a homeowner this year.  At a glance: Choose between itemizing or taking the standard deduction depending on…

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Do I Count Utilities on My Taxes?

In certain instances, utility costs can turn into a tax deduction when filing your tax return. Let’s take a look at some common examples. Can I claim utilities on my taxes if I work from home and am self-employed? You can deduct a portion of your home-related expenses, including utilities,…

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What Is the IRS Refund Schedule?

The IRS starts processing your tax return as soon as they receive it. But how long does it take to receive your tax refund after processing begins? What is the IRS refund schedule for tax year 2022? The IRS generally processes e-filed returns and sends refunds to taxpayers in less…

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How Insurance Bad Faith Recoveries Are Taxed

A common claim is that the insurance company did not proceed appropriately to pay a claim, thus causing the plaintiff additional damages. In that sense, a bad faith case may seem a little like a legal malpractice claim against a lawyer. – ​Forbes – Taxes ​Read More