Tax credits are the best way to keep more of your money come April 15 because — unlike deductions, which only reduce your taxable income — they lower your bill on a dollar-for-dollar basis. Even better, you get cash back from the credits that are refundable or partially refundable once your tax bill falls to zero. However, some of the best tax credits are easy to miss. Some people mistakenly assume you have to itemize to claim all of them. Others leave money on the table over confusion about phaseouts. ...

Taxpayers have until Apr. 15, 2026 to file this year’s taxes, but why wait? The longer you put it off, the more likely you are to make mistakes or — worse — lose out on tax breaks. If the thought of filing taxes is starting to stress you out, try not to fret. Here are top tips to make doing your taxes easier, while saving a bit of money. Use a Digital Folder for Your Docs “[Have] a single digital folder in which you can put all tax-related documents you receive throughout the year, like receipts, milea ...

Core Insights - The article discusses the financial situation of Americans aged 55-64, highlighting their savings patterns and investment strategies as they approach retirement [1][4][6]. Group 1: Savings and Investment Patterns - A significant portion of individuals aged 55-64 have savings in various accounts, with over half holding retirement accounts [2][4]. - The median balance for bank accounts among this age group is reported at $8,000, which is higher than younger peers but lower than older individuals [3][6]. - The Federal Reserve's Survey of Consumer Finances indicates that median savings balances increase with age, ranging from $5,400 for those under 35 to $13,400 for those aged 65-74 [4]. Group 2: Financial Flexibility and Retirement Planning - Individuals in their 50s and 60s may experience increased financial flexibility due to fewer obligations, allowing them to focus on retirement savings [5][6]. - Financial experts recommend that even small monthly contributions to retirement accounts can significantly enhance savings over time, emphasizing the importance of long-term investment strategies [6][9]. - It is suggested that individuals discuss their retirement plans with partners to align their visions and expectations [12]. Group 3: Strategies for Maximizing Retirement Savings - Various strategies are recommended for maximizing retirement savings, including utilizing high-yield savings accounts and certificates of deposit (CDs) to enhance short-term savings [12][13]. - High-yield savings accounts currently offer annual percentage yields (APY) between 4.00% and 5.00%, making them suitable for emergency funds [13]. - CDs provide fixed rates for a set period, with top-paying options offering yields as high as 4.40% [14][15].

Group 1 - The article discusses various legal strategies to lower tax bills, categorized into quick wins, opportunities for freelancers, and long-term wealth-building strategies [1] - Retirement accounts are highlighted as a primary method to reduce taxable income, with 401(k) contribution limits set at $24,500 for 2026, and catch-up contributions for those aged 50 and older potentially increasing this to $35,750 [2] - Health Savings Accounts (HSAs) are praised for their triple tax benefits, with contribution limits of $4,400 for individual coverage and $8,750 for family coverage in 2026 [3] Group 2 - The standard deduction for 2025 is noted to be $16,100 for single filers and $32,200 for married couples filing jointly, with advice to take the standard deduction unless itemized deductions exceed these amounts [4] - Common itemized deductions include mortgage interest, state and local taxes capped at $10,000, charitable donations, and medical expenses exceeding 7.5% of adjusted gross income [5] - Tax credits are emphasized as more beneficial than deductions, with the child tax credit providing up to $2,200 per qualifying child under 17 [6] Group 3 - Self-employed workers are identified as having significant opportunities for tax savings through business expense deductions, which can include home office space, internet and phone bills, and work-related subscriptions [8]

Core Insights - The U.S. solar manufacturing sector has historically received bipartisan support, but recent political conflicts are creating uncertainty and challenges for the industry [1][2][10] - The One Big Beautiful Bill Act (OBBBA) introduces changes that could negatively impact solar manufacturing, including an accelerated phase-out of the Investment Tax Credit (ITC) and increased content requirements [3][10] - Despite significant growth in solar manufacturing, the industry still struggles to meet domestic demand, with experts indicating that imports will still be necessary to supplement production [6][15] Industry Growth and Investment - The U.S. solar manufacturing sector has seen a 300% increase in solar cell production and a 37% increase in solar module production, with capacity exceeding 60 gigawatts by late 2025 [6] - Companies like Qcells have made substantial investments, such as a $200 million solar panel manufacturing facility in Georgia, driven by favorable market conditions and tax credits [8][9] - The Inflation Reduction Act under President Biden has provided a 30% tax credit for solar projects through 2032, contributing to market growth [8] Challenges and Uncertainties - The accelerated phase-out of the ITC and modifications to the 45X tax credit under OBBBA are seen as threats to the momentum of solar manufacturing efforts [10][12] - The current policy landscape is described as precarious, with business leaders expressing concerns over the reversal of tax credits and the impact of tariffs on long-term investments [11][12] - Experts emphasize the need for policy stability to justify major investments, as the solar market requires time to develop and scale [16][17] Supply Chain Dynamics - While the U.S. can produce every major component of the solar supply chain, it is still not sufficient to meet current domestic demand [6][14] - Companies like Corning are expanding their manufacturing capabilities, but the market will still rely on imports to fulfill production needs [15] - A three-legged stool approach is suggested for reshoring U.S. solar manufacturing, which includes tariffs, supply-side policies, and domestic content incentives [13]

Terms of Use Privacy Notice Accessibility About Us Reviews Site Map Your Ad Choices Advertising Contact us IBD Stock Charts IBD Stock Checkup Stock Quotes Stock Market Today The Big Picture My Stock Lists IBD Live Leaderboard SwingTrader MarketSurge IBD Digital MarketDiem The Wall Street Journal Barron's MarketWatch Dow Jones Smart Money Connect With Us On stocks they discuss. We make no representations or warranties regarding the advisability of investing in any particular securities or utilizing any speci ...

Core Insights - The U.S. tax system's complexity leads to significant financial losses for taxpayers, with billions lost due to mistakes and unclaimed credits [1][2] Group 1: Taxpayer Burden - Americans spent 7.1 billion hours on tax-related paperwork in 2025, incurring approximately $148 billion in filing expenses [2] - About 1.1 million taxpayers have not filed their 2021 tax returns, potentially losing over $1 billion in refunds, with a median refund of $781 [3] - Many eligible taxpayers fail to claim tax credits, such as the Earned Income Tax Credit, resulting in $7.6 billion left unclaimed in 2020 [4] Group 2: Missed Opportunities - Taxpayers who missed the 2025 deadline lost around $1 billion in recovery rebate credits due to not filing [5] - It is advised that taxpayers file their taxes even if unsure about refunds or credits to avoid losing owed cash [6] - Resources for tax filing assistance are available, including low to no-cost options and IRS volunteer programs [7] Group 3: Maximizing Claims - Taxpayers should ensure they claim all eligible credits and conduct thorough research or ask questions during the filing process [8] - Utilizing good tax software or experienced preparers can help identify eligibility for various credits [8]

Core Insights - T1 Energy Inc. (NYSE:TE) experienced a significant share price increase of 15.29% week-on-week, reaching a two-year high due to investor optimism regarding its compliance with tax credit qualifications for 2026 [1]. Group 1: Compliance and Debt Management - T1 Energy repaid part of its existing debt to Trina Solar, which reduced Trina's ownership to comply with the One Big Beautiful Bill Act's thresholds [2]. - An agreement was made between T1 Energy and Trina Solar that eliminated Trina's previous right to appoint a covered officer, aligning with the new regulations [3]. - T1 Energy amended its certificate of incorporation to limit foreign ownership as part of its compliance efforts with the OBBBA, which restricts companies with excessive foreign ownership from receiving significant tax credits [4]. Group 2: Company Operations - T1 Energy is headquartered in Austin, Texas, and focuses on developing domestic solar and battery supply chains in the U.S. [4]. - The company operates one of the world's modern solar module plants located in Wilmer [4].

Core Insights - The article discusses the potential tax benefits under Trump's One Big Beautiful Bill Act (OBBBA), particularly for seniors, families with children, and employees earning overtime [6][8] - It highlights that a significant portion of U.S. households could potentially pay $0 in federal income tax by 2025 due to the new tax deductions and credits [7][8] Tax Benefits for Seniors - A retired couple earning a combined adjusted gross income of $96,700 can reduce their taxable income significantly through the standard deduction and the new seniors deduction, resulting in a taxable income of $50,000 [2][6] - The article notes that a senior couple could potentially pay $0 in federal income tax due to capital gains and qualified dividends being taxed at a 0% rate [1][6] Tax Credits and Deductions - Families like Casey and Riley, with a combined income of $100,000 and two children, can utilize various deductions totaling $31,500, along with additional deductions for overtime pay, to lower their taxable income [5][4] - The maximum child tax credit has increased to $2,200 per child, which can further offset tax liabilities, potentially resulting in a $0 federal tax bill [3][6] Broader Implications of Tax Changes - Approximately 40% of U.S. households had a $0 federal tax bill in 2022, and this trend may continue with the new tax cuts favoring specific demographics [6][7] - The article mentions that while many may benefit from the new tax rules, higher-income households may not be able to reduce their tax bills to $0 [9] Financial Advisory Services - The article introduces financial advisory services like Range, which offers tax recommendations and investment advisory services at a lower cost compared to traditional advisors [10][11] - It emphasizes the importance of working with a financial advisor to navigate the new tax landscape and optimize tax strategies [13][18]

Group 1: Flexible Spending Accounts (FSA) - FSAs are employer-sponsored benefits allowing employees to save pre-tax dollars for qualified healthcare and dependent care expenses, including out-of-pocket costs like deductibles and copays [2][5] - The IRS sets and adjusts FSA limits annually for inflation, and some employers may set lower limits for their plans [1] - Unused FSA funds typically must be used within one year, with no rollover option for leftover cash [5] Group 2: Health Savings Accounts (HSA) - HSAs can be paired with high-deductible health insurance plans, allowing pre-tax contributions that lower tax liability [4] - HSAs offer tax-free growth and withdrawals for qualified medical expenses, with annual contribution limits set by the IRS [3] - Unused HSA funds can roll over to the next year, providing an opportunity for compound growth through investments [3] Group 3: Retirement Accounts - Traditional 401(k) plans allow pre-tax contributions, lowering taxable income, with annual contribution limits adjusted for inflation by the IRS [6] - Employers may offer matching contributions to 401(k) plans, incentivizing employees to contribute a percentage of their salary [7][8] - Aiming to contribute at least 15% of salary to a 401(k) is recommended, especially considering employer matches [9][10] Group 4: Employee Stock Purchase Plans (ESPP) - ESPPs allow employees to purchase company stock at a discount, often requiring a minimum employment period to qualify [11] - Diversification of holdings is advised to mitigate risks associated with stock ownership [12] Group 5: Tax Credits and Workplace Perks - Tax credits can significantly reduce tax liability and are often more valuable than deductions, with common credits including the Earned Income Tax Credit and Child Tax Credit [19] - Employers may offer various perks, such as tuition reimbursement and commuter benefits, which can help reduce living costs [15][13]