Key Takeaways The student loan interest deduction is often described as a simple tax break that lets borrowers deduct up to $2,500 per year. In practice, it is anything but simple. Income limits, eligibility rules, and loan requirements mean that many taxpayers who believe they qualify ultimately receive little or no benefit at all. This article explains how the […]
What is the American Opportunity Credit?
The cost of higher education continues to rise, making it increasingly difficult for students and families to afford tuition and related expenses. Fortunately, the American Opportunity Credit (AOC) offers financial relief by providing a tax credit to offset some of these costs. This credit helps eligible students and their families reduce their tax liability while […]
Are Tips Taxed Under the Big Beautiful Bill?
The Big Beautiful Bill includes a significant federal tax change for service workers: a provision often referred to online as “No Tax on Tips.” Starting in 2025, this rule allows workers to deduct certain tip income from their taxable income, potentially reducing their federal income tax liability. However, the law is commonly misunderstood, and many […]
Tax Deductions for Gen Z, Millennials, and Boomers
Understanding which tax deductions you qualify for can significantly reduce your taxable income, increase refunds, and improve your overall financial strategy. However, the types of deductions that make sense often depend on your generation and life stage. From student loans and side hustles for Gen Z to homeownership and retirement contributions for Millennials, and age-specific […]
How to Request a Tax Transcript From the IRS
When it comes to financial matters, accurate documentation is key. The IRS maintains various types of transcripts that provide a detailed record of your tax-related activities. Whether you need a tax transcript for tax filing, loan applications, or personal financial planning, understanding how to request IRS transcripts is crucial. In this guide, we’ll walk you […]
How to Read Your IRS Transcript and Understand Account Codes
If you’ve ever ordered an IRS transcript, you know they can look overwhelming at first glance. Rows of numbers, dates, and abbreviations may leave you wondering what any of it actually means. The good news is that once you understand IRS transcript codes, these records become a powerful tool for tracking your return, refunds, and […]