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Learn whether union dues are tax deductible, including changes from the 2017 Tax Cuts and Jobs Act, and find out when individuals can still claim deductions.
Tax exclusion on home sale profits: One of the key benefits is the ability to exclude $250,000 of profit from the sale of a primary residence from capital gains taxes. Joint filers (such as ...
Property taxes: Typically, state and local real property taxes on primary and secondary residences are deductible if you itemize your tax return. For homes purchased on or before December 15, 2017 ...
The Tax Cuts and Jobs Act of 2017, signed into law by President Donald Trump, capped the total SALT deduction at $10,000 for the tax years 2018 through 2025. [24] The bill also increased the standard deduction, which significantly reduced the number of taxpayers who claim the SALT deduction. [25]
The initiation fee covers the administrative costs of joining the union. Fees may, however, be ongoing. For example, a union program (such as a welfare or benefit fund) may be offered only to those union members who pay a regular fee to participate in the fund. Most union workers pay a fee when they start working for a company.
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 ...
Likewise, legal fees tied to claims for tax advice or specific types of lawsuits may be deductible. However, tax-deductible status also depends on personal tax situations, adding another layer of ...
Various state and local taxing authorities in the US require an employer or the employee to withhold and remit a tax on the wages paid to an employee. Some states require both the employer and employee to remit a portion of the total occupational privilege tax (OPT), while others only require one or the other to do so. [1]
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