The "married filing separately" status reduces the deduction for IRA contributions and eliminates certain tax credits, among other tax breaks. TurboTax Tip: When filing separately, married couples must agree to either both itemize expenses...
Aspousal IRAstrategy allows couples who are married and filing jointly to contribute to two IRAs per year. This benefits spouses who don't work outside the home (that is, they don't have taxable income). The earning spouse can make a spousal IRA contribution to their non-earning spouse's...
Taking time to learn about key tax credits and deductions can help you save hundreds of dollars or more each year. Kimberly LankfordJan. 21, 2025 What to Know About TikTok If you rely on the platform for income and recognition, take action now to mitigate loss should it go away permanently...
Plus, there’s the hassle of maintaining a physical asset and being a landlord if you rent or lease it. There are other ways to own real estate without owning land by investing in real estate companies or real estate investment trusts (REITs). The benefits of investing in the real estate...
You might think a country’s high taxes are a valuable trade-off if you receive lots of social insurance benefits, your standard of living is high, and you think the government uses your tax dollars wisely. Countries With the Highest Income Tax for Married People ...
If you own a home, you're eligible for several special tax breaks. But many of these rules changed over the past few years, especially after the Tax Cuts and Jobs Act was signed in December 2017. Here are some of the key tax benefits of owning a home, and how homeowners can make th...
tax benefits associated with an investment in the plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state’s own qualified tuition program. Investors should determine their home state’s tax treatment of 529 plans when...
Deductible pay can include bonuses, vacation and sick pay, commissions, education expenses, fringe benefits, reimbursements for employee business expenses, and the like. You can’t deduct salaries and wages that are deducted elsewhere on your tax return. You also must subtract the amount of ...
Basically, this tax credit’s benefits — thousands of dollars per employee that eligible companies kept paying — were for the 2020 and 2021 tax years. It has turned into a major tax headache, for both businesses and the Internal Revenue Service. But, says the IRS, it has made progress ...
so if you’re married and file a joint return, you can each exclude the first $2,400 of your unemployment from tax. This break is only for 2009—benefits you receive in 2010 are fully taxable again (unless the law changes). However, you can choose to have income tax withheld from une...