2024 Medical Expense Deduction Income (AGI) Limit

The IRS allows all taxpayers to deduct the total qualified unreimbursed medical care expenses for the year that exceeds 7.5% of their adjusted gross income (AGI), found on line 11 of Tax Form 1040. [Prior year updates] You are only allowed to deduct your medical/dental expenses if the total paid …

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Pick Your Correct Tax Filing Status To Minimize Taxes

Selecting your tax filing status is one of the first key steps in filing your federal tax return. Choosing the right status is extremely important because it can affect your filing requirements, standard deduction and eligibility for certain tax credits/deductions. In certain situations picking an incorrect filing status can make …

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2024 versus 2023 Health Savings Accounts (HSA) Contribution Limits, Deductibles and Out-of-Pocket Maximums For High Deductible Health Plans (HDHP)

Based on the latest IRS guidance, here are the latest Health Savings Account (HSA) limits. Following the trend in recent years, the inflation-adjusted amount individuals and families can contribute to these tax advantaged health savings account continues to rise. Latest HSA Contribution and Out-of-Pocket limits You can see the latest …

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Tax Credits and Deductions for Teachers ($250), Unemployed, Home Owners ($500/$1000) and College Tuition in 2010 Jobs and Closing Tax Loopholes Act

The recently introduced American Jobs and Closing Tax Loopholes Act (Bill: HR 4213) includes important tax cuts to put more money back into the pockets of American families and workers. This new bill extends critical tax cuts through the end of 2010 so families and workers can receive the full benefits of these tax cuts on their 2010 tax returns and, therefore, have more money to spend on the items they need like gas and groceries. The proposals are estimated to provide American families with an additional $5 billion of tax cuts in 2010. Specific tax breaks and credits include:

Tax Cut for College Tuition – This bill extends a tax deduction for qualified education expenses including college tuition and fees, so Americans can get the world-class education they deserve without going bankrupt in the process.

Property Tax Deduction – This bill extends the additional standard deduction for state and local property taxes to save families money on their federal tax returns. This deduction allows taxpayers who do not itemize their tax deductions to receive property tax relief as a standard deduction of $500 for single filers and $1,000 for joint filers.

Tax Cut for School Teachers – This bill extends a $250 tax deduction for teachers who buy

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