What are the Tax Benefits of Owning a Home?

sign that says the word taxes sitting on cash

If you’re in the market for your first home, you may be trying to get a complete picture of how owning a home will affect your finances. One question you may have—what are the tax benefits of owning a home? 

Owning a home can provide you with significant tax benefits. It’s important to learn how home ownership can impact your taxes so you know which home-related expenses to claim on your returns for maximizing your savings potential.

What You Need to Know About the New Child Tax Credit

family sitting on a couch

The IRS is sending out letters to more than 36 million families about getting monthly Child Tax Credit payments (as part of the American Rescue Plan) starting in July and lasting through December.

The IRS is sending letters to families who may be eligible for the tax credit based on information provided in either your 2019 or 2020 federal income tax return. Later, a second letter will be sent to eligible families letting them know the estimated amount for each monthly payment. 

Smart Ways to Spend Your Tax Refund

Smart Ways to Spend Your Tax Refund

The tax deadline was pushed back to July this year which means many people have just received their tax refund. According to the IRS, the average refund issued as of July 3 was $2,762. With the financial strain caused by the pandemic, many people will be using their refund to pay essential bills. If you’re fortunate enough to have your necessary expenses covered, here are a few financially smart ways to spend your tax refund.

Tax Deadline Delayed

woman looking at tax paperwork

As part of the government’s efforts to help avoid a recession, Treasury Secretary Steven Mnuchin announced the tax deadline would be pushed off by a full 90 days. Here’s what this announcement means for taxpayers.

6 Common Tax Mistakes to Avoid

Avoid these mistakes to get the most deductions and largest tax refund.

It’s that time of year again! Get ready to break out the calculator, dig out the enormous pile of receipts, tax forms, and pay stubs and get to work. Whether you choose to go it alone, use a tax-prep computer program or hand it all over to an accountant, start with checking out our handy list of common mistakes people make on their tax returns.