Before you finish your taxes, make sure you know about some important changes that can affect you. Lisa Greene-Lewis, CPA and TurboTax expert, explains.
For 2024, the HSA deduction generally can’t exceed $4,150 if you have self-only coverage or $8,300 if you have family coverage (up from $3,850 and $7,750, respectively, for 2023). But if you were at least 55 years old at the end of 2024, you can deduct an ...
10 Life Events That Impact Taxes A person’s tax situation can depend on factors like their marital status and income level but there are many other things that can influence it. Maryalene LaPonsieJan. 30, 2025 Inflation Is Impacting Americans ...
State and local taxes (SALT):The combined deduction for state and local income taxes, property taxes, and real estate taxes is capped at $10,000. Mortgage interest deduction: You can deduct your mortgage interest on up to $750,000 of debt. The limit is $1 million if you bought the hom...
Let's see how depreciation recapture works with a rental property. Suppose you buy a small apartment building for $500,000. The IRS allows you to depreciate residential rental properties over 27.5 years, so you can deduct about $18,182 each year ($500,000 ÷ 27.5).4 ...
For example, the maximum SUTA rate for many states is above 6.0%. Are SUTA and FUTA deductible? Yes, you can deduct the employer-paid portion of SUTA and FUTA taxes. However, SUTA withholding from employee pay is not deductible. QuickBooks Online Payroll & Contractor Payments: Money movement...
The rules for deducting disaster losses on personal income taxes changed after the 2017 Tax Cuts and Jobs Act. From 2018 to 2025, individuals can deduct losses only for federally declared disasters. If your house is damaged or destroyed in a storm or fire that doesn’t receive a ...
Payroll deductions are wages taken out of employees’ paychecks to pay for costs like payroll and income taxes, employee benefits, and more. They determine an employee’snet pay, also known as their take-home pay. Payroll deductions can also be voluntary or mandated: ...
Answer a few questions in the IRA Contribution Calculator to find out how much you're eligible to contribute and how much you might be able to deduct on your taxes.Ready to open a retirement account? Opening a new account takes just minutes. Find out howMore...
Claim 50% of what you pay in self-employment taxes By doing so, you can claim it as a self-employment tax deduction on your income. In the above example, you could deduct $7,064.76 from your taxable income. Business tax deductions Certain costs of starting and running a business as a ...