Each year, millions of Americans eagerly await their tax refunds. For many, it feels like a financial windfall—a check from the government that brings temporary relief, fuels major purchases, or even funds vacations. But is receiving a large tax refund a bad thing? What if, instead of a reward, it’s actually a red flag? In […]
Tax Credits vs. Tax Deductions
Tax season is officially here. As you prepare to file your tax return, it might be helpful to research ways to decrease your tax liability. A popular way to do this is to claim tax credits and tax deductions. While both can help reduce your overall tax liability, they operate in distinct ways. In this […]
How to Safeguard Against Tax Scams
Tax season brings heightened anxiety for many taxpayers, and scammers are ready to take advantage of that stress. Each year, thousands of individuals fall victim to tax-related scams, leading to financial loss and stolen personal information. The IRS continuously warns the public about these fraudulent activities, but criminals continue to evolve their tactics. Understanding how […]
When Does the IRS Pay Interest on Tax Refunds?
The IRS typically processes tax refunds quickly, but in some cases, there can be delays. When these delays occur, taxpayers might wonder if they’re entitled to interest on their refund. The IRS does pay interest on tax refunds under specific circumstances. However, the rules governing when and how much interest is paid can be complex. […]
What is the American Opportunity Credit?
The cost of higher education continues to rise, making it increasingly difficult for students and families to afford tuition and related expenses. Fortunately, the American Opportunity Credit (AOC) offers financial relief by providing a tax credit to offset some of these costs. This credit helps eligible students and their families reduce their tax liability while […]
How to Avoid Tax Fraud Scams in 2025
Tax fraud scams continue to evolve, becoming more sophisticated each year. In 2025, scammers are leveraging new technologies, including artificial intelligence and social media, to deceive taxpayers. The consequences of falling victim to tax fraud can be severe, ranging from identity theft to financial loss and legal complications. Understanding how these scams operate and taking […]