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MBowens
- Feb 12, 2020
- 3 min
Deductions Galore - Standard vs. Itemized?
Every year during tax season, I get tons of questions from people about how they can "increase" their tax refund and get more money back and one of the things we discuss is if they're going to 'take' the standard or itemize their deductions. The best thing is you get to choose whichever one benefits you more and lowers your tax. What is the standard deduction? The standard deduction is a base amount that each taxpayer is allowed to deduct from their total income and not have
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MBowens
- Jan 25, 2019
- 3 min
Whoa! You got how much back?
So, it's EITC Awareness day and I know you're like, what in the world is that? EITC stands for Earned Income Tax Credit. This is a refundable tax credit for lower income earners that may significantly increase their potential tax refund. What is a refundable credit? A credit is refundable if you can still get the credit (and a refund) even if you owed ZERO in taxes. Nonrefundable credits only reduce the amount of TAX you owe. So if you owe $600 in taxes and you are eligibl
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