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1 day ago · Not all charitable contributions can be deducted on your tax return. Know what you can and can't claim to maximize your potential tax savings. Tip: For tax years 2020 and 2021 only: Even if you don't itemize deductions, you can still deduct up to $300 of cash charitable contributions on your 2020 tax return (the one you'll file in 2021).
23 hours ago · Tip: For tax years 2020 and 2021 only: Even if you don't itemize deductions, you can still deduct up to $300 of cash charitable contributions on your 2020 tax return (the one you'll file in 2021).
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3 days ago · Self-employed workers can deduct health, dental, and long-term care premiums. 1. Disability Insurance. Disability insurance is probably the most commonly overlooked insurance premium tax deduction ...
4 days ago · The money you spend to buy, train, and take care of your furry friend could be tax-deductible as a medical expense. It’s worth noting that this doesn’t extend to emotional support animals.
15 hours ago · The standard deductions help to lower the tax bill of the taxpayer. The Internal Revenue Service will release the updated standard deductions for the tax year before the start of the tax year. For the tax year 2023, for which the returns are due in April 2024, the standard deductions are,
1 day ago · According to IRS publication 526 (the gospel for qualified charitable contributions): The amount you can deduct for charitable contributions generally is limited to no more than 60% of your adjusted gross income. Your deduction may be further limited to 50%, 30%, or 20% of your adjusted gross income, depending on the type of property you give ...
5 days ago · Importantly, tax-deductible interest refers to a borrowing expense that taxpayers can claim on federal and state tax returns. This deduction helps reduce taxable income, ultimately saving money. Don't miss out on potentially big tax savings opportunities like: 1.
