Home office tax deductions – All you need to know

There are generally two options for determining the home office tax deduction. The simplified version, however, may result in a smaller tax break. The standard option, on the other hand, needs extensive calculations and record-maintaining to offer a larger deduction. 

How Charitable Donations Help Save on Your Tax Bill

You can claim tax-deductible charitable donations while filing your tax return by itemizing the contributions on Schedule A of IRS Form 1040 or 1040-SR. It is usually limited to a certain percentage, for instance, 60% of the taxpayer’s adjusted gross income (AGI).

How to Get Electric Vehicle Tax Credit: Eligibility and Guidelines

Taxpayers buying clean, plug-in electric or plug-in hybrid vehicles can take advantage of the electric vehicle tax credit, also known as the EV credit. Depending on the vehicle’s weight, how many cars the manufacturer has sold, and whether you own it, the non-refundable credit will range from $2,500 to $7,500 for the tax year 2022 (taxes filed in 2023).

What is the 2023 IRS Mileage Rate: Deduction Guidelines

Taxpayers should consult the IRS guidelines if they have any questions or concerns about claiming mileage deductions on their tax returns. By using the IRS Mileage Rates, taxpayers can avoid the need to keep detailed records of actual operating expenses, such as fuel and maintenance costs.

Tax Relief from Back Taxes

Tax relief for back taxes refers to a reduction in the amount of taxes owed for previous tax years. This can be achieved through various means.

When Should You Consider Hiring a Tax Attorney?

Tax attorneys are knowledgeable in various tax-related matters, including tax planning, tax compliance, tax controversy, and tax litigation. In addition, they can help with both state and federal taxes, and represent clients before the IRS and other tax authorities.

What is Standard Tax Deduction Amount for 2022-23?

The standard deduction is one of the most important tax benefits available, as it can significantly reduce the amount of your taxable income. Even if you don’t possess any other eligible deductions or tax benefits, the IRS permits you to avail of the standard deduction without any queries.

What Is IRS Form 1099-DIV – Dividends and Distributions?

A 1099-DIV tax form serves as a record that a company or other financial entity paid dividends to investors. An investor can receive Form 1099-DIV from banks and financial institutions if they earned more than $10 in dividends on your investments.

What is inheritance tax?

An inheritance tax is imposed on the recipients of the assets, and the rate and amount of the tax depends on the value of the inheritance and the relationship of the beneficiary to the deceased.

What is Adjusted Gross Income?

Adjusted Gross Income (AGI) is defined by the IRS as gross income minus certain adjustments made to the total income. It includes your business income, wages, dividends, capital gains and retirement distributions among other income.