Tax Credit or Tax Deduction: Understand the Difference

By Dana McGuffin | September 11, 2024 | Comments Off on Tax Credit or Tax Deduction: Understand the Difference

Tax credits are some of the most valuable tools around to help cut your tax bill. But figuring out how to use these credits on your tax return can get complicated very quickly. Here’s what you need to know. Understanding the difference To help illustrate the difference between a credit and a deduction, here’s an…

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Multiple Jobs: Be Prepared for Tax Surprises

By Dana McGuffin | August 15, 2023 | Comments Off on Multiple Jobs: Be Prepared for Tax Surprises

Working more than one job can help maximize income, but also potentially create a tax surprise. Here are several be aware of: Social Security Surprise: As a full-time employee, the most you’ll have to pay in Social Security taxes in 2023 is $9,932. The problem is each employer you work for will withhold Social Security taxes…

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