Raising a child comes with its fair share of expenses. Fortunately, the federal government recognizes the financial strain that parenting can put on families. With that, they offer child care tax breaks to help ease the burden. In this article, we will explore what child care tax breaks are, how they work, and how you […]
Tax Planning
How Does Alimony Affect Your Taxes?
Divorce can be a complex and emotionally challenging process, with numerous financial and legal considerations to address. One crucial aspect often overlooked is the impact of alimony on your taxes. Alimony, also known as spousal support or maintenance, is a regular payment made by one spouse to another after divorce or separation. While it’s essential […]
Tax Differences Between Short-Term and Long-Term Rentals
The taxation of long-term and short-term rentals can differ significantly. These differences are primarily driven by the distinct nature of these rental arrangements and the objectives of tax authorities. Here’s an overview of the key differences in how long-term and short-term rentals are taxed. The 14-Day Rule Under the 14-day rule, if you rent […]
Tax Deductions You Can Claim Without Itemizing
Tax season can be a stressful time for many individuals, but it can also bring some relief in the form of deductions that can lower your overall tax liability. While itemizing deductions can often yield significant tax savings, not everyone has enough eligible expenses to make it worthwhile. However, you can still benefit from various […]
Tax Tips for Grad Students
As a graduate student, you’re no stranger to the demands of academia, from coursework and research to teaching and TA duties. Amidst the hustle and bustle of graduate life, it’s essential not to overlook your tax obligations. By understanding and effectively managing your taxes, you can potentially save money and reduce financial stress. In this […]
When to File Separately if You’re Married
Filing taxes as a married couple is a significant financial decision. While the default option for most couples is to file jointly, there are certain situations where filing separately can be beneficial. In this article, we will explore when it makes sense for married couples to consider filing separately and the potential advantages of doing […]