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2. Deduct Business Expenses. If you run a business, you might reap big tax benefits. Business owners who are filing taxes can claim potential tax deductions for some business expenses, including ...
2. 15 Days of Free Rental Income. The IRS allows you to rent out your home for up to 15 days without having to pay taxes on the income you earn from that rental.
Louisiana lawmakers began debating bills Thursday that would revamp the state's tax code by lowering income taxes for all workers while adding sales taxes to services not currently taxed and ...
But if this income comes in the form of a capital gain, you’d pay only $23,800 in federal income tax, or $100,000 times the 20% capital gains tax rate plus the 3.8% net investment income tax for ...
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Diane Kennedy (born 1956) is an American CPA, speaker, and financial writer.She is the author of The Wall Street Journal and Business Week bestsellers, Loopholes of the Rich and Real Estate Loopholes as well as The Insider's Guide to Real Estate Investing Loopholes, Tax Loopholes for eBay Sellers, and Smart Business Stupid Business.
For example, using the case where the IRS interactive tax assistant calculated a standard tax deduction of $24,800 if you and your spouse earned $24,000 that tax year, you will pay nothing in ...
If your child is under 18 and your business is a partnership or sole proprietorship, you don’t have to pay Social Security or Medicare taxes. Additionally, your child’s income won’t be taxed ...