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  2. Write off your mileage? The IRS expands the deduction for ...

    www.aol.com/finance/write-off-mileage-irs...

    The IRS has given at least one tiny glimmer of hope for your 2023 finances amid a backdrop of economic uncertainty: You can now increase your tax write-off for fuel costs.. See: The Best Month To ...

  3. Is Car Loan Interest Tax Deductible? - AOL

    www.aol.com/finance/car-loan-interest-tax...

    IRS rules specifically state that personal interest, such as interest paid on a loan to purchase a car for personal use, is not deductible. ... You can get a tax write-off on your car loan ...

  4. Taxes 2023: Can You Claim Your Car Costs When Filing ... - AOL

    www.aol.com/finance/taxes-2023-claim-car-costs...

    “For tax filing in 2023, it’s worth $2,500 to $7,500 depending on the car’s battery capacity, the car must weigh less than 14,000 pounds, used or leased cars don’t qualify and credits are ...

  5. Section 179 depreciation deduction - Wikipedia

    en.wikipedia.org/wiki/Section_179_depreciation...

    Under section 179(b)(1), the maximum deduction a taxpayer may take in a year is $1,040,000 for tax year 2020. Second, if a taxpayer places more than $2,000,000 worth of section 179 property into service during a single taxable year, the § 179 deduction is reduced, dollar for dollar, by the amount exceeding the $2,500,000 threshold, again as of ...

  6. Write-off - Wikipedia

    en.wikipedia.org/wiki/Write-off

    In income tax calculation, a write-off is the itemized deduction of an item's value from a person's taxable income. Thus, if a person in the United States has a taxable income of $50,000 per year, a $100 telephone for business use would lower the taxable income to $49,900. If that person is in a 25% tax bracket, the tax due would be lowered by ...

  7. Here's who would benefit from Trump's tax plan on car loan ...

    www.aol.com/heres-benefit-trumps-tax-plan...

    That's due to Trump's Tax Cuts & Jobs Act, which greatly expanded the standard deduction starting in 2018, which in turn limited write-offs for millions of low- and middle-income Americans.

  8. Tax deduction - Wikipedia

    en.wikipedia.org/wiki/Tax_deduction

    A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...

  9. 5 Middle Class Tax Rules You Need To Know - AOL

    www.aol.com/5-middle-class-tax-rules-150017389.html

    Get familiar with tax rules. The better you understand how tax laws and write-offs work, the more strategic you can be when you file your return. ... a clean vehicle tax credit of up to $7,500 is ...

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