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  2. What are the tax brackets for tax years 2024 and 2025? What ...

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    For married couples filing jointly for tax year 2024, the deduction increased to $29,200, up $1,500 from tax year 2023, the IRS said. The IRS noted that for the head of household, the standard ...

  3. 8 Tax Breaks Retirees Can Prepare to Use for 2024 - AOL

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    For instance, for the 2024 tax year, the standard deduction for a single taxpayer stands at $14,600 and $29,200 for joint filers. Once you turn 65, your standard deduction increases by $1,950 for ...

  4. Long-term care insurance - Wikipedia

    en.wikipedia.org/wiki/Long-term_care_insurance

    Premiums paid on a long-term care insurance product may be eligible for an income tax deduction. The amount of the deduction depends on the age of the covered person. [7] Benefits paid from a long-term care contract are generally excluded from income. Some states also have deductions or credits and proceeds are always tax-free. [8]

  5. Tax deduction - Wikipedia

    en.wikipedia.org/wiki/Tax_deduction

    Above and below the line refers to items above or below adjusted gross income, which is item 37 on the tax year 2017 1040 tax form. [2] Tax deductions above the line lessen adjusted gross income, while deductions below the line can only lessen taxable income if the aggregate of those deductions exceeds the standard deduction, which in tax year ...

  6. Income tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Income_tax_in_the_United...

    Tax rules are based on principles similar in many ways to accounting rules, but there are significant differences. Federal deductions for most meals and entertainment costs are limited to 50% of the costs (with an exception for tax year 2021, allowing a 100% deduction for meals purchased in a restaurant).

  7. Some might see a bigger 2024 tax refund after inflation ...

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    The standard deduction is rising 6.9% or 7.2%, depending on filing status, while the Earned Income Tax Credit amount will increase by 7.1%, the Internal Revenue Service announced this week.

  8. Itemized deduction - Wikipedia

    en.wikipedia.org/wiki/Itemized_deduction

    This facilitated amendments to 2011 tax returns to claim a casualty tax deduction. [ 4 ] Gambling losses, but only to the extent of gambling income (For example, a person who wins $1,000 in various gambling activities during the tax year and loses $800 in other gambling activities can deduct the $800 in losses, resulting in net gambling income ...

  9. What’s the tax torpedo all about? - AOL

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    Yet another deadly blow strikes if you're in a state that charges income tax as well. Here’s the good news: if you’re using a Roth account instead, you can avoid that tax torpedo’s ...

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