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2. Can you deduct disaster losses? - AOL

   www.aol.com/finance/n-c-home-hit-hurricane...

   The IRS has extended key tax deadlines for disaster-affected residents, pushing various 2024 filings and payments to May 1, 2025. This includes individual and business tax returns, estimated ...

3. The Best Tax Deductions and Tax Breaks for 2024-2025 - AOL

   www.aol.com/most-americans-think-taking-entitled...

   If you suffered gambling losses in 2024, you can deduct up to the amount of gambling income that you reported. You can claim your losses as an “other itemized deduction,” but be prepared to ...

4. The tax deadline for some small businesses affected by ... - AOL

   www.aol.com/tax-deadline-small-businesses...

   The tax deadline for some small businesses affected by severe weather in 2024 is drawing near, the IRS is reminding owners. Small businesses in all or parts of 14 states and 2 territories that ...

5. Hurricane Tax Relief Act - Wikipedia

   en.wikipedia.org/wiki/Hurricane_Tax_Relief_Act

   The bill modifies the deduction for personal casualty losses in the hurricane disaster area to eliminate a requirement for losses to exceed 10% of adjusted gross income to qualify for the deduction and the requirement to itemize. To achieve this, should the bill be passed, the Internal Revenue Code of 1986 will be modified in accordance.

6. Tax-deductible loss - Wikipedia

   en.wikipedia.org/wiki/Tax-deductible_loss

   To qualify, the loss must not be compensated by insurance and it must be sustained during the taxable year. If the loss is a casualty or theft of personal property of the taxpayer, the loss must result from an event that is identifiable, damaging, and sudden, unexpected, and unusual in nature, not gradual and progressive.

7. Casualty loss - Wikipedia

   en.wikipedia.org/wiki/Casualty_loss

   Here are some key points to consider regarding the deduction of casualty losses in the United States: Qualified Casualty Loss: The loss must be caused by a sudden, unexpected, or unusual event, such as a natural disaster (e.g., fire, flood, hurricane) or an accident. Damage due to normal wear and tear or progressive deterioration typically does ...

8. You may be able to deduct more from your income in 2024, IRS ...

   www.aol.com/may-able-deduct-more-income...

   The maximum Earned Income Tax Credit will increase to $7,830 for tax year 2024, up from 2023’s $7,430 cap. Qualifying taxpayers with three or more qualifying children are eligible for the credit.

9. Tax Relief for American Families and Workers Act - Wikipedia

   en.wikipedia.org/wiki/Tax_Relief_for_American...

   Tax Relief for American Families and Workers Act of 2024; Long title: To make improvements to the child tax credit, to provide tax incentives to promote economic growth, to provide special rules for the taxation of certain residents of Taiwan with income from sources within the United States, to provide tax relief with respect to certain Federal disasters, to make improvements to the low ...