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Expenses like state income or sales tax, property tax, mortgage interest, and certain medical or dental expenses can be included. There are also two different kinds of credits available, including:
Key takeaways. From due date extensions to settlements, the IRS offers several tax debt relief options that can make your bill more manageable. Exploring income-increasing opportunities, borrowing ...
Only eight states tax Social Security benefits, but even if you live in one of the 42 states that don’t tax your benefits, you still have to pay federal taxes on your Social Security payouts.
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With the Emergency Economic Stabilization Act of 2008, this tax relief was extended another three years, covering debts discharged through calendar year 2012. The relief was further extended until January 1, 2014, at Section 202 of the American Taxpayer Relief Act of 2012. [1] This tax relief has been renewed each year since.
The top marginal tax rate on income of 39.6%, provided for under the expiration of the 2001 portion of the Bush tax cuts, was retained. This was an increase from the 2003–2012 rate of 35%. [3] The top marginal tax rate on long-term capital gains of 20%, provided for under the expiration of the 2003 portion of the Bush tax cuts, was retained.
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