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Tax Q&A: Understanding What Is And Is Not Taxable

Is Social Security retirement income taxable? Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay taxes if he/she has annual Social Security retirement income of...

What is the difference between a Tax Credit and a Tax Deduction

If you could choose between a tax deduction and a tax credit of the same amount, which would be more likely to benefit you? Understanding the difference can help you plan your taxes. A tax deduction lowers the amount of income on which you’re taxed. The amount of your...

Can I Claim My Working Child as a Dependent on My Tax Return?

Here’s a question we get all the time: When your child starts working, can you still claim them as a dependent on your taxes?

What is the difference between a Tax Credit and a Tax Deduction

Individual Tax

If you could choose between a tax deduction and a tax credit of the same amount, which would be more likely to benefit you? Understanding the difference can help you plan your taxes. A tax deduction lowers the amount of income on which you’re taxed. The amount of your...