Homeowners can't deduct the interest onhome equity loanswhether they itemize or not. This rule remains in effect until 2025.6 Itemizing Your Deductions The standard deductions nearly doubled under the TCJA. Many taxpayers who itemized their deductions using Schedule A began claiming the standard deduc...
Denis C Theriault
Direct File is open to qualified taxpayers in 24 states: Alaska, Arizona, California, Connecticut, Florida, Idaho, Kansas, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania...
If you have to buy a smart new suit for your paralegal job or uniforms for your National Guard duties, it might seem these are obvious work expenses and valid tax deductions. Not necessarily, according to the Internal Revenue Service (IRS). Work clothes
Trends in income and wealth disparities are most pronounced among the top and lowest earners. Annual Incomes of Top Earners Data from tax year 2021 (as reported on Americans' 2022 tax returns) shows that taxpayers in the top 1% had adjusted gross income (AGIs) of at least $682,577, acco...
“a lot of people are focused primarily on the federal effective rate because some states don’t have a personal income tax,” says ryan l. losi, a cpa and the executive vice president of piascik, an accounting firm in glen allen, virginia. “but in states like california, new york and...
Taxpayers who are likely to benefit from the sales tax deduction include those who live instates with no income taxand those who made large purchases during the year. But if your state income taxes are steep and you pay a lot in property taxes, there’s a good chance those deductible expen...
Contrary to popular belief, the CA FAIR Plan is not a government-backed program: it is financially supported by California’s private home insurance companies, not taxpayers. Recent turmoil in the California home insurance market has left the FAIR Plan overburdened, strained and increasingly ...
Some states such as California offer automatic extensions to all taxpayers, while other states require you to file a specific form by the original due date of the return. Here are some tips to help walk you through what you need to do when filing state taxes in your area: Step 1:...
It was a deal that wasn’t supposed to cost taxpayers an extra dime. Now California’s annual tab is in the billions, and the cost keeps climbing.