What’s deductible for tax year 2024?The IRS offers different options for calculating the amount of your sales tax deduction:You can deduct the actual sales taxes you paid if the tax rate was no different than the general sales tax rate in your area. (Exceptions are made for food, ...
"This would affect individuals who are 59 or younger today," Featherngill said. Specifically, the age at which workers could receive full Social Security benefits would increase by three months per year for those who reach age 62 from 2026 to 2033. Emerging Innovations and Trends in Retirement...
» MORE: IRS announces 2025 tax changes, updated standard deduction Standard deduction 2025 The standard deduction for the 2025 tax year (tax returns filed in 2026) is $15,000 for single filers and married people filing separately, $22,500 for heads of household, and $30,000 for those ma...
To the IRS, profits from the sale of assets are either short-term capital gains or long-term capital gains, and they are taxed at different rates. The profit earned for selling an asset that was held for less than one year is subject to the short-term capital gains tax. That tax is ...
This portion of the child tax credit allows you to receive up to $1,700 per child as a refund — even after your tax bill is reduced to zero.For example: Tim and Martha are a couple with a kid, and they qualify for a child tax credit of $2,000. However, their tax bill is ...
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Could the Trump tax brackets expire? The expiring Tax Cut & Jobs Act provisions that could impact the greatest number of taxpayers are the law's tax brackets, which would revert to their pre-TCJA thresholds if Congress fails to extend the changes under the 2017 law. ...
Big retirement rule changes are coming in 2025 — here’s how you can save more Here’s what a new Trump administration could mean for your money, advisors say This charitable giving strategy ‘almost always’ provides the biggest tax break ...
However, unless Congress acts, the federal child tax credit is set to revert to $1,000 per qualifying child in 2026. And the age limit for eligible children would be decreased to 16. These changes would be due to the scheduled expiration of certain provisions in the TCJA. (More on that...
Thethreshold will drop even lower to $2,500 in tax year 2025and finally to $600 in 2026. Because of these big changes, more people will receive Form 1099-K in the coming years. TaxAct’s goal is to help eliminate any confusion arising from these changes and ease your mind so you’re...