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Revision as of 05:54, 18 September 2024
Filing an tax return is a pursuit that rolls around once a year so keeping plan requirements and guidelines is key to a successful season. Whether you are just getting started or in the midst of the process when it comes to 10 things that needs to be know about income taxes.
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Now, let's wait and watch if we can whittle made that first move some more. How about using some relevant breaks? Since two of your children are in college, let's imagine that one costs you $15 thousand in tuition. Luckily tax credit called the Lifetime Learning Tax Credit -- worth up to 2 thousand dollars in this example. Also, your other child may qualify for something named the Hope Tax Credit of $1,500. Talk to your tax professional for one of the most current information on these two tax breaks. But assuming you qualify, that will reduce your bottom line tax liability by $3500. Since you owed 3,000 dollars, your tax has grown to be zero capital.
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