by OverviewFX | Jan 30, 2024 | taxes
Even with good insurance and a low deductible, no one truly enjoys paying medical bills. One bright side to big bills is the opportunity to claim your medical expenses as a deduction on your tax return, as long as your bills are greater than 7.5% percent of your tax...
by OverviewFX | Jan 29, 2024 | taxes
You may have heard tax reform eliminated tax deductions for unreimbursed employee business expenses beginning with your 2018 taxes. If you own your own business, however, you can still deduct business expenses. So what high-tech toys (oops, excuse me, necessary...
by OverviewFX | Jan 29, 2024 | taxes
Today, January 29, the Internal Revenue Service (IRS) officially kicked off the opening of the 2024 tax filing season and is now accepting and processing tax year 2023 e-filed tax returns. As we all know, some taxpayers wait until the last minute to file their taxes,...
by OverviewFX | Jan 26, 2024 | taxes
Although the federal tax deadline is April 15, taxpayers are encouraged to file their taxes now to get their refund ASAP. Most people receive a tax refund each year, and last year, the average federal tax refund was more than 3,000. As taxpayers continue to file their...
by OverviewFX | Jan 26, 2024 | taxes
Today is National Earned Income Tax Credit Awareness Day! The Earned Income Tax Credit (EITC) is the country’s largest program for working people with low to moderate income. According to the IRS, about 23 million eligible filers received the EITC as of December 2023,...
by OverviewFX | Jan 25, 2024 | taxes
What are tax deductions? Deductions are used to reduce taxable income. And a lower taxable income reduces what you owe. Deductions are different from tax credits. Tax credits directly cut your tax bill by reducing the actual taxes owed. Both contribute to lowering...
