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federal tax returns

Tax Effects of a Home Foreclosure

Individual taxes

If you’re facing a home foreclosure, you are probably already concerned about your financial future.  However, in some cases, you may find that your foreclosure comes with an unexpected problem: a tax bill.  Some situations may result in a taxable gain that may cause...

The Student Loan Interest Deduction

Deductions, Individual taxes

Taxpayers who are making payments on student loans may qualify to deduct the interest portion of their payments on their federal income tax returns.  According to the IRS, the student loan interest deduction is available to those who meet certain conditions and income...

The Child Tax Credit

Individual taxes, Tax Credits

The Child Tax Credit is a credit that is available to eligible parents of children younger than age 17 at the end of the tax year.  Individuals who qualify can receive a credit of up to $1,000 per child against the amount of their tax liability.  The credit reduces a...

Head of Household Filing Status

Individual taxes

Taxpayers who are eligible for Head of Household filing status receive an increased standard deduction on their returns and may qualify to use special tax credits such as the Earned Income Tax Credit and the Child Tax Credit.  To use this status, however, taxpayers...

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