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2. Standard deduction - Wikipedia

   en.wikipedia.org/wiki/Standard_deduction

   For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).

3. Schedule D: How to report your capital gains (or losses) to ...

   www.aol.com/finance/schedule-d-report-capital...

   Schedule D also asks for information on some specific transactions that do not apply to all taxpayers, such as installment sales, like-kind exchanges, commodity straddles, sales of business ...

4. Itemized deduction - Wikipedia

   en.wikipedia.org/wiki/Itemized_deduction

   Medical expenses, only to the extent that the expenses exceed 7.5% (as of the 2018 tax year, when this was reduced from 10%) of the taxpayer's adjusted gross income. [2] (For example, a taxpayer with an adjusted gross income of $20,000 and medical expenses of $5,000 would be eligible to deduct $3,500 of their medical expenses ($20,000 X 7.5% ...

5. IRS tax forms - Wikipedia

   en.wikipedia.org/wiki/IRS_tax_forms

   As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.

6. Internal Revenue Code section 162 (a) - Wikipedia

   en.wikipedia.org/wiki/Internal_Revenue_Code...

   The next requirement of section 162(a) is that the taxpayer must be carrying on a trade or business. [2] Start up expenses are not entirely deductible, but must be spread out over 15 years. [10] Because business expenses are fully deductible under section 162, taxpayers try to argue that expenses were not start up expenses.

7. Medical Expenses You Can Deduct From Your Taxes - AOL

   www.aol.com/finance/medical-expenses-deduct...

   Yes, you can claim medical expenses on taxes. For tax year 2022, the IRS permits you to deduct the portion of your medical expenses that exceeds 7.5% of your adjusted gross income, or AGI. But not ...

8. Capital gains tax in the United States - Wikipedia

   en.wikipedia.org/wiki/Capital_gains_tax_in_the...

   Taxpayers can defer capital gains taxes to a future tax year using the following strategies: [58] Section 1031 exchange—If a business sells property but uses the proceeds to buy similar property, it may be treated as a "like kind" exchange. Tax is not due based on the sale; instead, the cost basis of the original property is applied to the ...

9. Taxes 2022: How Small Businesses Can Deduct Home Office Expenses

   www.aol.com/taxes-2022-small-businesses-deduct...

   To claim the home office deduction on your 2021 tax return, the IRS says that you must “exclusively and regularly” use part of your home — or a separate structure on property you own or rent ...