Category Archives: Deductions

Recently, the Internal Revenue Service (IRS) announced a large increase in the annual limit that people may contribute to health savings accounts (HSAs). Families will be able to make an HSA contribution of up to $8,300 starting in 2024, while individuals can make an HSA contribution of up to $4,150. In comparison to the prior […]

The IRS this week announced higher federal income tax brackets and standard deductions for 2023 amid skyrocketing inflation. For the tax year 2023, the agency raised the income requirements for each group. According to inflation adjustments issued by the agency on Tuesday, individual income over $578,125 and married couples’ income over $693,750 would be subject […]

For the final six months of 2022, the Internal Revenue Service announced an increase in the optional standard mileage rate. Optional standard mileage rates can be used to calculate the deductible costs of using a car for business and certain other activities. The normal mileage rate for business travel will be 62.5 cents per mile […]

Financially, the time after graduation can be difficult. Starting on your own, looking for a job, trying to pay back money that you may have borrowed for school can all be very stressful when it comes to budget management. Fortunately, recent college graduates can claim a few tax breaks to save. Three Tax Breaks: Student […]

Business deductions

As a professional, you are probably aware of the many deductions you may be entitled to when you file your tax return. Almost anything you buy for the company can be deducted if it is necessary for the company. The cost must also be reasonable. The deductions can really add up for small businesses and […]

If you want to deduct payment for any type of medical expenditure this year, you must be aware of some new rules that apply to these types of deductions, as they may affect your return. If you are looking for deductions for medical or dental expenses, you should know the following guidelines. Adjusted gross income-Your […]

Tax breaks for a home sale

As the real estate market begins to be positive, it is a good time to review the tax requirements for the sale of a home and any related tax breaks. If you sell your primary residence (the one you lived in full time), the sale may be free of taxes. All profits from the sale […]

Medical Expenses Deduction

If you want to deduct the payment for any type of medical expenditure this year, you must be aware of some new rules that apply to these types of deductions because they can affect your return. If you are looking for deductions for medical or dental expenses, you should be familiar with the following guidelines. […]

Deductions without Itemizing

Would you like to take the standard deduction? If you’re single, you watch $ 12,000. Pairs married, twice that amount. Perhaps you are considering laying down your deductions to obtain a bigger tax return. If you are, remember that you will need your medical, tax, charity and other expenses receipts. You will also need mortgage […]

Business Deductions

As a businessman, you are probably aware of the many deductions you may have when you file your tax return. You can deduct almost anything you buy for the company as long as it is necessary for the company. The cost must also be sensible. The deductions can really add up for small businesses and […]