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Qualified educators can deduct up to $250 of unreimbursed business expenses. If both spouses are eligible and file a joint return, they can deduct up to $500 — but not more than $250 each.
Around 90% of Americans have taken the standard deduction in recent years after it was significantly increased by the 2017 Tax Cuts and Jobs Act. This year, it’s jumping to $14,600 for an ...
Most individual income tax returns for the 2023 tax year are due to the Internal Revenue Service on April 15, 2024. Taxpayers need to file a Form 1040 (or Form 1040-SR, for older adults) and pay ...
On the campaign trail, Trump promised a variety of tax breaks, including removing the TCJA’s $10,000 cap on the deduction for state and local taxes, and eliminating taxes on tip income, overtime ...
Tax season is here and many remote workers are wondering what expenses they can write off while working from home. In 2022, 60 million people did freelance work, primarily from their home office.
Internal Revenue Code § 212 (26 U.S.C. § 212) provides a deduction, for U.S. federal income tax purposes, for expenses incurred in investment activities. Taxpayers are allowed to deduct all the ordinary and necessary expenses paid or incurred during the taxable year-- (1) for the production or collection of income;
Say goodbye to pandemic-era tax credits The last two years included temporary changes to the tax code as a response to the pandemic and the economic havoc it wrought. In the 2022 tax year, many of ...
As well, the child and dependent care tax credits — which bumped to $8,000 for one child and $16,000 for two or more children in 2021 — are also now back down to the standard $3,000/$6,000 caps.
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