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Refundable vs. Nonrefundable Tax Credits
- January 24, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
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Tax credits can be refundable or nonrefundable. Refundable tax credits can reduce the amount of tax you owe and even increase your tax refund. Nonrefundable tax credits, on the other hand, can only reduce your tax liability to zero. This article explains the difference between refundable and nonrefundable tax credits.
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Max Out Contributions to a Health Savings Account
- January 12, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
A health savings account (HSA) is a tax-advantaged account that allows you to save money for medical expenses. You can contribute to an HSA if you have a high-deductible health plan (HDHP) and are not enrolled in Medicare. The maximum annual contribution limit is $3,850 for self-only coverage and $7,750 for family coverage in 2023.