Tag Archives: deduction
IRS Increases Amount Teachers Can Deduct for Classroom Expenses
Teachers are often seen as extremely underpaid for the amount of work they do inside the classroom, but also outside of it when it comes to buying school supplies for their kids using money from their own pocket. As it … Continue reading
Itemized Deduction Planning 2022
There are two ways you can take deductions on your federal income tax return: you can itemize deductions or use the standard deduction. Deductions reduce the amount of your taxable income. The standard deduction amount varies depending on your … Continue reading
2022 Vehicle Depreciation and Deductions
In general, if you use vehicles in pursuit of a trade or business, you can deduct the ordinary and necessary expenses incurred while operating the vehicle. Taxpayers may use either the standard mileage rate method or the actual cost method … Continue reading
SALT Deduction Cap Challenge – DENIED!
This past Monday, the Supreme Court declined to review a challenge on the $10,000 ceiling imposed on the state and local tax (SALT) deduction. The SALT deduction cap was one of the most controversial provisions made in the 2017 tax … Continue reading