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What to Do When Past Tax Overhauls Expire

As the saying goes, “The only thing constant is change”, and the same holds true for tax laws in the US.     New tax rules and regulations are often shaped by sweeping overhauls that introduce lower rates, new deductions, or credits designed to benefit taxpayers. However, many of these provisions come with built-in expiration dates,…

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How to Reduce an IRS Tax Liability in 5 Steps

Dealing with a significant IRS tax debt is not for the faint of heart, especially if the debt is large and if there are penalties and fees accruing over time.    But here’s the most important thing to know: you can reduce your tax liability, and you can regain control of your financial situation. It…

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Tax Credits vs. Deductions: What’s the Difference?

Tax Credits vs. Deductions: What’s the Difference? - Traxion Tax

Tax credits and deductions are two significant ways individuals can minimize their tax liability before Tax Day. However, while the two are often compared and conflated, they are fundamentally different – and understanding that difference can help you make better decisions as a taxpayer and avoid missing out on crucial savings. Ultimately, tax credits and deductions…

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