Resources
Tax & Business Insights
Practical tax, bookkeeping, payroll, and small business guidance from the SK Financial team.
What is the Key Difference Between a Deduction and a Credit?
Tax Credits reduce the amount of tax owed, providing a dollar-for-dollar reduction. The total amount of income that is due to taxes is decreased by a tax deduction
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Adoption Tax Credit 2025-2026
For the 2025 tax year, the adoption tax credit allows eligible families to claim up to $17,280 per adopted child, and beginning in 2025, up to $5,000 of that amount is refundable.
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American Opportunity Tax Credit: A Comprehensive Guide
The American Opportunity Tax Credit (AOTC) lets eligible taxpayers claim up to $2,500 per student for college expenses, with up to $1,000 refundable.
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Comprehensive Guide to Child Support Tax Credit
How child support affects your taxes? Learn the IRS rules on child support, tax credits, and deductions. Understand Child Tax Credit, custody rules, and how to maximize your refund.
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What Is Form 8962, Premium Tax Credit?
Form 8962 calculates and reconciles the Premium Tax Credit if you bought health insurance through the Marketplace and received financial assistance.
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What is the Premium Tax Credit? Who Qualifies for the Premium Tax Credit
Premium Tax Credit is a refundable tax credit that helps lower the cost of health insurance for people who buy coverage through the Health Insurance Marketplace. It’s claimed using IRS Form 8962
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Self-Employed Tax Credit? Top self-employed tax credits
Self employed tax credit lowers your actual tax bill not just your income. If you owe $3,000 and get a $1,200 credit, you now owe $2,000.
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What is a tax credit? How Do Tax Credits Work
What is a tax credit? Tax credit helps you pay less tax. If you owe $2,000 in taxes and you have a $1,000 tax credit, you now only need to pay $1,000.
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