Depreciation is a method of recovering the cost of an asset as an annual income tax deduction. The deduction is allocated over the useful life of the asset, as determined by the IRS. When you stop using an asset for business purposes, whether by converting it for personal use or by sellin...
Isn’t there an extra charitable contribution deduction? For the tax years 2020 and 2021, filers were allowed to deduct up to $300 ($600 for those married filing jointly) of cash charitable contributions they made, even if they took the standard deduction. This extra deduction is not availabl...