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Leonard Pokrovski

σε πρόσθεσε στο Personal Finance
2025-11-21 19:29:25 -

Can I Itemize Deductions or Should I Take the Standard Deduction?
Can I Itemize Deductions or Should I Take the Standard Deduction? Which Is Better for My Situation—and What Deductible Expenses Count?** When filing your U.S. federal tax return, one of the most important decisions you make is whether to take the standard deduction or itemize your deductions. This choice directly affects how much of your income is subject to tax—and how much you...

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Leonard Pokrovski

σε πρόσθεσε στο Personal Finance
2025-11-21 19:49:20 -

How Do I Check My Refund Status & Why Is My Refund Delayed?
How Do I Check My Refund Status & Why Is My Refund Delayed? Understanding “Where’s My Refund?” and Common Causes of Delays Waiting for a refund—whether from a retailer, a service provider, a travel company, or the IRS—can feel frustrating, especially when you’re not sure what stage the process is in. Fortunately, most organizations now offer tools that...

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Leonard Pokrovski

σε πρόσθεσε στο Personal Finance
2025-11-21 19:39:03 -

How Do I Claim Dependents?
How Do I Claim Dependents? Who Can I Claim as a Dependent & What Are the Rules? Claiming dependents on your tax return can significantly reduce your tax burden. Dependents may qualify you for valuable credits—such as the Child Tax Credit, Earned Income Tax Credit (EITC), Child and Dependent Care Credit, or education-related benefits. But dependents must meet strict IRS rules, and...

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Leonard Pokrovski

σε πρόσθεσε στο Personal Finance
2025-11-20 17:05:01 -

Tax Return Deadlines: What You Need to Know — And What Happens If You Miss Them
Tax Return Deadlines: What You Need to Know — And What Happens If You Miss Them Tax season arrives every year whether we’re ready for it or not. Knowing when your tax return is due, what to do if you need more time, and what happens if you miss the deadline is essential for avoiding unnecessary penalties, stress, and even potential legal trouble. This guide explains everything you...

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Leonard Pokrovski

σε πρόσθεσε στο Personal Finance
2025-11-21 19:44:25 -

What Are the Common Tax Credits I Might Qualify For?
What Are the Common Tax Credits I Might Qualify For? How Tax Credits Reduce Your Tax Bill and How to Know If You’re Eligible** Tax season can feel overwhelming, but tax credits are one of the most valuable tools available to help lower your overall bill. Unlike deductions—which reduce your taxable income—tax credits reduce your tax liability dollar for dollar. In some cases,...

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Leonard Pokrovski

σε πρόσθεσε στο Personal Finance
2025-11-20 17:03:04 -

What Filing Status Should I Choose?
What Filing Status Should I Choose? “Is Married Filing Jointly better than Separately?”“Am I Eligible for Head of Household?”** Choosing the right tax filing status is one of the most important decisions you’ll make when preparing your return. Your filing status determines your tax rates, your standard deduction, your eligibility for certain credits, and even...

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Leonard Pokrovski

σε πρόσθεσε στο Personal Finance
2025-11-21 19:51:01 -

What Happens If You Owe Taxes — And Can You Set Up a Payment Plan?
What Happens If You Owe Taxes — And Can You Set Up a Payment Plan? Finding out you owe taxes can be stressful—but it doesn’t have to be overwhelming. Whether you owe a small balance or a large unexpected bill, the IRS and state tax agencies generally offer several options for paying over time, reducing penalties, or resolving financial hardship. The most important thing is...

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Leonard Pokrovski

σε πρόσθεσε στο Personal Finance
2025-11-20 17:03:58 -

What Income Is Taxable? A Practical Guide to Common Tax Questions
What Income Is Taxable? A Practical Guide to Common Tax Questions Understanding which types of income are taxable is essential for accurate tax reporting and avoiding unexpected bills or penalties. While wages from a job are the most familiar form of taxable income, the IRS considers many other forms of money, assets, and benefits as potentially taxable. At the same time, certain types of...

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Leonard Pokrovski

σε πρόσθεσε στο Money
2025-09-30 21:14:34 -

What is a 401(k)?
What is a 401(k)? A 401(k) is a retirement savings plan offered by many employers in the United States, designed to help workers set aside money for their future. Named after a section of the U.S. Internal Revenue Code, a 401(k) provides employees with the opportunity to contribute a portion of their earnings into an investment account, often with significant tax advantages. How a 401(k)...

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Leonard Pokrovski

σε πρόσθεσε στο Personal Finance
2025-11-20 17:05:44 -

What Is the Difference Between a Tax Deduction and a Tax Credit? Which One Is Better, and How Do They Affect Your Tax Bill?
What Is the Difference Between a Tax Deduction and a Tax Credit? Which One Is Better, and How Do They Affect Your Tax Bill? When tax season arrives, most taxpayers look for ways to reduce what they owe or increase their refund. Two of the most powerful tools that can reduce your tax liability are tax deductions and tax credits. Although people often use these terms interchangeably, they work...

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