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: tax-planning
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 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?”
What can I deduct for meals and entertainment?
Enhanced business meal deduction For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Otherwise, the limit is usually 50% of the cost of the meal. To qualify for the higher limit, the business owner or an employee of the business must be presentContinue reading “What can I deduct for meals and entertainment?”
What does it mean “it is a writeoff”?
What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be consideredContinue reading “What does it mean “it is a writeoff”?”
What is a 1099-K and why should I care?
Be On The Lookout: The IRS is planning for a threshold of $5,000 for tax year 2024 Who gets Form 1099-K If you take direct payment by credit or bank card for selling goods or providing services – If your customers or clients pay you directly by credit, debit or gift card, you’ll get aContinue reading “What is a 1099-K and why should I care?”
Donovan Niles 