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

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   Local and State Sales Tax. ... Contributions limits for IRAs increased slightly in 2024, up to $7,000, while 401(k) limits jumped to $23,000. ... The standard deduction amounts for tax year 2024 ...

3. State and local tax deduction - Wikipedia

   en.wikipedia.org/wiki/State_and_local_tax_deduction

   Eligible taxes include state and local income taxes, property taxes, and either state and local sales taxes or state and local general sales taxes. [8] To claim the deduction, taxpayers must itemize their deductions on Schedule A of Form 1040. There is a $10,000 limit on the SALT deduction, or $5,000 for a married person filing a separate ...

4. 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. ... For tax year 2024, the limit for employee health savings ...

5. What Is the Tax Cuts and Jobs Act (TCJA)? - AOL

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   In 2024, the standard deduction for single filers is $14,600, but will increase to $15,000 next year. ... Capped state and local tax (SALT) deductions: ... Deduction limits on business interest ...

6. Tax deduction - Wikipedia

   en.wikipedia.org/wiki/Tax_deduction

   Limits on deductions for business-related entertainment but no limit in 2021 taxes and beyond. [23] In addition, deductions in excess of income in one endeavor may not be allowed to offset income from other endeavors. For example, the United States limits deductions related to passive activities to income from passive activities. [24]

7. Sales taxes in the United States - Wikipedia

   en.wikipedia.org/wiki/Sales_taxes_in_the_United...

   There is no sales tax on food items, but prepared meals purchased in a restaurant are subject to a meal tax of 6.25% (in some towns voters chose to add a local 0.75% tax, raising the meal tax to 7%, with that incremental revenue coming back to the town). Sales tax on liquor was repealed in a 2010 referendum vote.

8. Sales Tax Deduction: How to Claim and Save on Your 2025 Taxes

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   Your sales tax deduction is capped at $10,000 per year, but can help reduce your taxable income. What items are eligible for itemized deductions? When you itemize your tax deductions, you can ...

9. 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.