There are many disruptions that can slow down your tax refund, creating a significant delay in the time that it takes to receive your money from the IRS. Filing your tax return as son as possible will get you toward the front of the line as refunds are processed in the order that returns are received. E-filing will reduce the time that it takes the IRS to receive and process your tax return, eliminating delays caused by the mail.
The American Opportunity Tax Credit (AOTC) allows a maximum $2,500 per child per year for those paying for an undergraduate tuition. This credit can only be used for qualifying expenses that are not being paid with a 529 distribution. The Lifetime Learning Credit offers a maximum credit of up to $2,000. The Lifetime Learning Credit is not restricted to undergraduate study and can be used in graduate programs as well.
A rental property can offer a steady income for the landlord. In addition to the monthly rent, these types of properties come with many tax deductions that can save you money. Mortgage interest, property taxes and any repairs are all tax deductible. There are plenty of less obvious deductions including milage associated with the rental, insurance, utilities and loss of income when the rental is vacant.