COVID Tax Tip 2022-118, August 3, 2022 Teachers go above and beyond for their students, often buying classroom supplies needed to make learning successful. The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses […]
2022 Deductions and Exemptions Standard Deduction1Deduction Single: $12,950 Joint returns & surviving spouses: $25,900 Married filing separately: $12,950 Head of household: $19,400 The standard deduction increases by $1,400 for a married taxpayer aged 65 or older or blind ($2,800 if both 65 and blind); by $1,750 for a single taxpayer aged 65 or older or […]
IRS issues standard mileage rates for 2021 WASHINGTON — The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, […]
Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021. The Coronavirus Aid, Relief and Economic Security Act includes several temporary tax law changes to help charities. This includes the special $300 deduction designed […]
During Small Business Week, September 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig […]
