Tax Tip: The child tax credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it. A qualifying child must pass several test regarding age, relationship, support, dependency, filing of a joint return, citizenship, and residency. If you need…
Read more
Contributions to Traditional IRA
Tax Tip: Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. If neither the taxpayer nor…
Read more