Tax Changes for Individuals Calculation of Refundable Credit on a Per-Child Basis. —Effective for tax years 2023, 2024, and 2025, this provision modifies the calculation of the maximum refundable credit amount by providing that taxpayers first multiply their earned income (in excess of $2,500) by 15 percent, and then multiply that amount by the numberContinue reading “Tax Relief for American Families and Workers Act of 2024”
Tag Archives: deductions
Can I take a home office deduction?
Home office deduction With a growing number of business owners now working from home, many may qualify for the home office deduction, also known as the deduction for business use of a home. Usually, a business owner must use a room or other identifiable portion of the home exclusively for business on a regular basis.Continue reading “Can I take a home office deduction?”
Checklist for tax season for personal/individuals
What is the “SALT cap”?
Generally, you may take an itemized deduction, subject to limitations, for certain state, local, and foreign taxes you pay even if you did not pay the tax while in a trade or business or while carrying on a for-profit activity. You deduct the tax in the taxable year you pay them. The categories of deductibleContinue reading “What is the “SALT cap”?”
Donovan Niles 