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“A few deductions or tax positions could add an extra $1,000 to this year’s return,” said Johan Garcia, CPA, owner and sole author of After Tax Cash and principal of JG CPA & Advisory.
For 2023 taxes, you can deduct 65.5 cents per mile. For 2024 taxes, you can deduct 67 cents per mile. If you have only one vehicle and use it for both personal and business needs, you need to ...
The standard deduction for tax year 2023 is $13,850 for single filers and $27,700 for married taxpayers filing jointly. That means that the mortgage interest you paid, plus any other tax ...
A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...
The donor takes a tax deduction in the year the initial fund was established, and then the money can be distributed in subsequent years by the fund sponsor under the advisement of the donor.
Going forward, joint filers who took out their home equity loan after Dec.15, 2017, can deduct interest on up to $750,000 worth of qualified loans, while separate filers and singles can deduct the ...
IRAs can be a valuable tool for saving for retirement, and holding certificates of deposit (CDs) in an IRA can offer potential tax deductions. Whether you qualify for a deduction depends on ...
While most tax-saving moves had to be wrapped up by Dec. 31 to count for your 2023 return, here are three smart actions you can still take before the filing deadline on April 15.
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