You can use either thestandard mileage rate or your actual expensesto calculate the deduction. The standard mileage rate is 67¢ per mile driven for business for the 2024 tax year (up from 65.5¢ per mile for 2023). You can add any parking fees or tolls to that amount. Howev...
It's over! The final 2023 tax year extended filing deadline has passed, unless you get more time because your filing due date was extended further by a natural disaster like the three hurricanes that have made landfall in Florida this fall. For most of us, though, the passage of Oct. ...
The maximum annual IRA contribution is $6,500, or $7,500 for someone 50 or older. These retirement accounts are not taxable during an employee’s working years. Withdrawals at retirement are then treated as taxable income. Both Roth 401(k)s or Roth IRAs are funded from after-tax pay, a...
With the rise of remote work and self-employment, many individuals now have the flexibility of working from home. For those who use a designated area in their home for work-related activities, there may be an opportunity to deduct certain home office expenses. These deductions can help individu...
again: For the year that more Americans than ever worked from home, home office costs are not deductible on taxes. As the IRSexplains, “employees who receive a paycheck or a W-2 exclusively from an employer are not eligible for the deduction, even if they are currently work...
Yes, so there are so many deductions that you could get for owning your home. So if you've paid points to secure a loan, or you refinanced, you can deduct those points. Make sure you have your Form 1098 in front of you that reports the home mortgage interest that you paid. And th...
you likely want to claim as many business expenses as possible to maximize your savings. You may not have the same tax benefits as a regular employee but you still have plenty of deductions available to you. The U.S. tax code offers a variety of deductions to make working as an independe...
Tax returns may not be due until 2024, but small businesses need to begin working with their bookkeeping and accountant partners now, as in coming weeks they need to complete some key items: Trust resolutions and dividend declarations need to be documented prior to 30 June 2023 ...
The federal income tax system and some states have higher standard deductions for people at least 65 years old and those who are blind. Under federal guidelines, if you are blind or 65 or older and single, the amount added to your standard deduction is $1,850 for the 2023 tax year and ...
Payroll deductions occur when your employer withholds from your paycheck for involuntary or voluntary reasons, including taxes and benefits programs. You can contribute up to $22,500 to a 401(k) in 2023 (increasing to $23,000 in 2024) through payroll deductions and save for your retirement. ...