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: real-estate
Can I write off my mortgage interest and other expenses on my vacation home?
Mortgage interest paid on a second residence used personally is deductible as long as the mortgage satisfies the same requirements for deductible interest as on a primary residence. If the home was acquired on or before December 15, 2017, then the total amount you (or your spouse if married filing a joint return) can treatContinue reading “Can I write off my mortgage interest and other expenses on my vacation home?”
Can I write off my business car or truck?
If you use your car only for business purposes, you may deduct its entire cost of ownership and operation (subject to limits discussed later). However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use. You can generally figure the amount of your deductibleContinue reading “Can I write off my business car or truck?”
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 