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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...

   You can only deduct disaster losses, which the IRS refers to as casualty losses, if the loss occurred in a federally declared disaster area. ... The standard deduction amounts for tax year 2024 ...

4. Tax Info You Need To Know After Experiencing a Natural Disaster

   www.aol.com/tax-know-experiencing-natural...

   So with the disaster loss, state taxes capped at $10,000 and the mortgage interest, the taxpayers would have around $20,000 in additional deductions to take in 2025. At a 22% tax rate this would ...

5. 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.

6. 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.

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

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

   The Tax Relief for American Families and Workers Act is a $78 billion package that would expand the Child Tax Credit (a tax benefit that provides money to parents), restore business tax breaks, increase federal funding for states to encourage the development of low-income housing, deepen economic ties between the United States and Taiwan and end a pandemic-era employer tax benefit.

8. 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 ...

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

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

   Several other provisions will be changed for tax year 2024, according to the IRS. The maximum Earned Income Tax Credit will increase to $7,830 for tax year 2024, up from 2023’s $7,430 cap ...