Tax Benefits | Worth Tax

Who Claims the Children’s Tax Benefits You or Your Ex-Spouse?

March 1, 2023 by Alex Franch

If you are a divorced or separated parent, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes.

Year-End Gift Giving with Tax Benefits

December 7, 2022December 7, 2022 by Alex Franch

The holiday season is customarily a time of giving gifts. Some gifts even provide a variety of tax benefits.

Inheritances Enjoy a Special Tax Benefit

April 25, 2022April 19, 2022 by Alex Franch

You may hear people use the term “Stepped-Up Basis” which many believe is a tax provision that allows beneficiaries of an inheritance to reduce or even avoid taxes when and if they sell inherited property.

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

March 9, 2022 by Alex Franch

Although a tax deduction and a tax credit both help lower the taxpayer’s tax, there’s a difference between them, and there are distinct types of deductions and categories of credits. This article explains these terms.

2021 – the Year of Substantial Tax Breaks for Families with Children and Lower-Income Taxpayers

August 7, 2021July 7, 2021 by Alex Franch

This is an overview of the several tax benefits that were included in the American Rescue Plan Act recently passed by Congress that will impact families with children and lower-income taxpayers during 2021. These include increased … Read More

Don’t Miss Out on Year-End Tax Planning Opportunities

February 2, 2021November 11, 2020 by Alex Franch

Individual Planning Opportunities Did You Collect Unemployment Income This Year? If you did, you should be aware that it is taxable for federal purposes and that most states also tax unemployment benefits. Even if you had … Read More

Tax Reform Adds Education Benefit

June 22, 2018 by Alex Franch

Why are we talking about an education benefit in the middle of the summer?

We know that everyone is in summer vacation mode. No one wants to talk about school now. I mean, the kids are just getting out of school! Well, someone has to bring up the subject to save you money on your education expenses. Therefore, it is time to start making plans for education savings. Even if your child is an infant, you want to think about this subject and ask yourself, “Am I going to send my child to private school?” And, “What if I don’t qualify for scholarships?” After all, scholarships are very competitive. So you want to think about education savings plans.