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2. Retirees Often Overlook These 11 Tax Deductions - AOL

   www.aol.com/retirees-often-overlook-11-tax...

   The standard deduction provides individuals with a certain threshold below which income is not taxed. However, some seniors may not be aware that this deduction is increased for those age 65 or older.

3. Tax breaks after 50 you might not know about - AOL

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   Additional medical deductions. Free tax filing assistance ... but the Secure Act 2.0 of 2022 has shifted how catch-up contributions will work for the ... The IRS calculates your credit based on 10 ...

4. 15 Self-Employment Tax Deductions You Should Know - AOL

   www.aol.com/finance/15-self-employment-tax...

   This deduction includes up to $23,000 as an employee, and up to 25% of net earnings (up to $45,000) for a total of $69,000 in deductions. This can massively lower your tax burden and save ...

5. Adjusted gross income - Wikipedia

   en.wikipedia.org/wiki/Adjusted_gross_income

   Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (e.g. medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI.

6. Personal exemption - Wikipedia

   en.wikipedia.org/wiki/Personal_exemption

   Section 151 of the Internal Revenue Code was enacted in August 1954, and provided for deductions equal to the "personal exemption" amount in computing taxable income. The exemption was intended to insulate from taxation the minimal amount of income someone would need receive to live at a subsistence level (i.e., enough income for food, clothes, shelter, etc.).

7. Advisors Should Understand These 2023 Tax Changes Now - AOL

   www.aol.com/finance/advisors-understand-2023-tax...

   The limits on QBI deductions will increase significantly in 2023 to $182,100 for individuals (up from $170,050) and $364,200 for married couples (up from $340,100).

8. Tax bracket - Wikipedia

   en.wikipedia.org/wiki/Tax_bracket

   Itemized deductions are other specific deductions such as; mortgage interest on a home, state income taxes or sales taxes, local property taxes, charitable contributions, state income tax withheld, etc. Standard deduction is a sort of minimum itemized deduction. If all itemized deductions are added up and it is less than the standard deduction ...

9. The QBI Deduction for Real Estate Activities - AOL

   www.aol.com/news/qbi-deduction-real-estate...

   The question that many tax professionals have been asking since the QBI deduction was created by the Tax Cuts and Jobs Act of 2017 is whether this write-off applies to real estate activities ...