If you’re confused as to whether it’s better to take the Standard
Deduction or Itemize Deductions on Schedule A, you’re not alone.
Personal tax deductions include such things as charitable donations,
mortgage interest, property taxes, state income ta...read more
If you want to get those juicy dependent tax credits and benefits, it’s
important to get it right. Getting it wrong can create an IRS mess you
don’t want to be a part of - trust me on this one! If the result isn’t
in your favor, not only will you lik...read more
It’s always wonderful to donate to charitable causes. But did you know
that the type of organization you donate to can actually make a
difference on your taxes - and even whether or not you can actually
deduct it? For example, donating cash through a...read more
Everyone knows there are tax benefits to having children and dependents
and some are pretty amazing! If you’ve ever had questions about the
popular Child Tax Credit (CTC) or Earned Income Credit (EIC), this is
the place to be! TurboTax does the think...read more
It seems the most popular question at tax time is “Can I deduct this…?”.
Of course you don’t want to pay more taxes than you need to; and you
want to get all the tax deductions and credits you’re entitled to take.
The resources below have helped many...read more
I am completing my 2024 federal taxes in TurboTax Deluxe. In the 1098
form section, TurboTax is asking for "Property (real estate) taxes
paid." I purchased a home in 2024 (California.) I received a 1098. Box
10 Other is empty, however, my mortgage co...read more
I donated appreciated stock to a charity in 2024 and am completing the
info in TT. It is asking for my cost basis. I inherited this stock in
2014, so this should not be necessary (as it is long term). According to
the IRS guidelines, it states NOT to...read more
I started a sole proprietorship in 2024 and want to claim depreciation
on equipment purchased which I understand will be depreciated over 5
years. What happens if I have to close the business before the equipment
depreciation value is down to zero? H...read more
Most questions about this error have to do with numbers getting "stuck"
and having to re-enter. However, in my case I really do need to enter an
amount greater than the excess contribution. The reason being, we had
two different HSAs and due to a mis...read more
Hello, I am under 50 and worked for two employers in 2024. I ended up
making $23,433 of Roth 401(k) contributions (total) between the two
employers in 2024. I realized this in early 2025, contacted the plan
administrator for one of the employers, and...read more
I am using TT Desk Top. I have higher education expenses on my 1098-T
and trying to use some of the expenses for I-Bond interest exclusion and
some for Life Long Learning credit. I enter I-Bond interest information
followed by education expenses. Thi...read more