tax credit

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.