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(The Center Square) – A new analysis of state budget forecasts from The Pew Charitable Trusts found that while many states expected deep revenue shortfalls, federal stimulus money is reversing their budgets into surpluses. Despite receiving a massive windfall, however, “all states face an uncertain economic future and critical decisions,” the report found.

MoneyTips

Chances are that if you have student loans, you need every bit of extra cash that you can get. Did you realize that your student loans might be able to generate some cash for you?

Under certain circumstances, you may be able to save on your tax bill by deducting the interest that you pay on your student loan. The total deduction from your taxable income could be as much as $2,500. As a final bonus, you do not have to itemize to claim this deduction.

To be eligible for the deduction, your loan must meet certain qualifications. It must have been made to cover qualified education expenses as defined in IRS Publication 970, including tuition, fees, and most room and board charges. The loan cannot have come from a relative or via a qualified employer plan, and the e...

Your Unpaid Student Loan Could Cost You Your Tax Refund

9 Crucial Tax Deductions

Tax Shelters 101

MoneyTips

Taxpayers tend to shy away from taking the home office deduction, assuming that they will be targeted for increased scrutiny from the IRS. That is certainly possible, especially if your deductions are unusually large – but if you truly were entitled to the deduction, why wouldn't you take it?

You may feel that you have less incentive to itemize as the Tax Cuts and Jobs Act (TCJA) did away with many itemized deductions and nearly doubled the standard deduction. However, many self-employment deductions remain in place.

Assuming you reviewed IRS Publication 587, "Business Use of Your Home," and determined that you qualify, what are the home office expenses you can write off? They are covered in IRS Form 8829, "

How To Save For Taxes If You Are A Freelancer

When Credit Card Debt Is Tax-Deductible

Protect Your Finances This Tax-Filing Season

MoneyTips

Few things are more frightening than opening your mailbox and finding a letter from the Internal Revenue Service. You may wrack your brain wondering what you've done to receive an IRS notice. But there’s no need to pretend it didn't arrive or go on the lam.

Relax. The IRS sends out millions of letters each year for a variety of reasons. An IRS letter does not necessarily carry bad news – and if it does, ignoring it is not going to make the situation any better. Take a deep breath, resist the urge to panic, and follow these tips to help you get past your initial shock.

1. Read the Letter Promptly – Putting off opening the letter won't help you, and delaying can even cause you harm. In many cases, the IRS is simply seeking more information or clarification of some aspect of your tax return, which makes it time-sensitive by definition.

2. Check for Incorrect Information – Review the notice for any errors such as a misspel...

How To Avoid Being A Tax-Scam Victim

Prevent Identity Theft From Affecting Your Taxes

1 In 4 Fear A Tax Audit

MoneyTips

Since 2010, the Internal Revenue Service (IRS) budget has been cut by roughly 20%, and it now has 22% fewer employees than it did in 2010, making IRS customer service challenging, to say the least. The IRS subjected 8.8 million taxpayers to "courtesy disconnects" through the 2015 tax-filing season that ended in mid-2016. "Courtesy disconnects" are a euphemism for hanging up on taxpayers after a prolonged hold time. In the previous tax year, there were “only” 544,000 courtesy disconnects.

Even if a taxpayer managed to get through, he or she wasted lots of precious time just waiting to speak to an IRS representative. In the 2020 fiscal year, IRS received more than 100 million calls on its toll-free telephone lines, but only about 24 million were answered by IRS employees. Taxpayers who got through had to wait an average of 18 minutes on hold. A report from the office of the National Taxpayer Advocate blamed budget cuts, outdated information technology, and insufficient staff...

5 Reasons To File Your Tax Return Now

Itemize Or Take The Standard Deduction On Your Federal Income Tax?

What are Deductions, Credits, and Exemptions?