Dear Hayek, Every year, I give to the Make-A-Wish Foundation, to help make dreams come true for children with critical illnesses. I heard there was a similar group for seniors and those in elder care facilities. What do you know about this? Also does the Farr Law Firm help seniors with charitable giving as part […]
What Is the Difference Between a Tax Credit and a Tax Deduction?
Q. When talking about taxes, I’ve heard phrases including, “just write it off,” “go ahead and deduct it,” and sometimes “I think there’s a tax credit for that.” My understanding is that both tax deductions and tax credits can save me money on taxes, but I’m unclear on the difference between the two. I saw […]
What Tax Changes Should I Be Aware of Before I File?
Dear Oakley, I’m getting ready to file my taxes for 2020. I know that last year was different than most years in many ways, including getting stimulus checks from the government. Is there anything I should know before I file my taxes? Thanks, Chan Jess — Dear Chan, Tax season has officially kicked off, and […]
Tax Advantages and Overlooked Deductions for Retirees
Q. April 15 is quickly approaching, and my husband and I are planning on doing our taxes soon. As retirees, I know that there must be some deductions that we may be overlooking. Of course, similar to most seniors on a fixed income, we want to deduct all we can. Are you aware of any tax advantages or overlooked deductions for retirees for 2016 taxes? A. Tax season is here and, as you mentioned, it’s important to be […]