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  2. Are Health Insurance Premiums Tax Deductible? - AOL

    www.aol.com/finance/health-insurance-premiums...

    Line 17 features the self-employed health insurance deduction. Transfer the total from Schedule 1 to Form 1040, ... Plus, if you plan to claim additional medical and dental expense deductions, you ...

  3. 5 Must-Do Tasks to Prepare to File Your Side Hustle Taxes - AOL

    www.aol.com/finance/5-must-tasks-prepare-file...

    The IRS Form Schedule C provides a starting point to help ... standard mileage deduction or actual expense deduction for personal vehicle use since you ... Tax for Individuals Worksheet, form 1040 ...

  4. 15 Self-Employment Tax Deductions You Should Know - AOL

    www.aol.com/15-self-employment-tax-deductions...

    This deduction includes up to $23,000 as an employee, and up to 25% of net earnings (up to $45,000) for a total of $69,000 in deductions. This can massively lower your tax burden and save ...

  5. Itemized deduction - Wikipedia

    en.wikipedia.org/wiki/Itemized_deduction

    The amount of the standard deduction cannot be changed following an audit unless the taxpayer's filing status changes. If the taxpayer is otherwise eligible to file a shorter tax form such as 1040EZ or 1040A, he or she would prefer not to prepare (or pay to prepare) the more complicated Form 1040 and the associated Schedule A for itemized ...

  6. MACRS - Wikipedia

    en.wikipedia.org/wiki/MACRS

    For example, an additional deduction of 50% of the cost of qualifying property is allowed for certain property acquired after December 31, 2007 and before January 1, 2011 [7] A nearly identical allowance was available for property acquired after September 10, 2001 and before 2005. The IRS recently issued guidance clarifying when taxpayers are ...

  7. Section 179 depreciation deduction - Wikipedia

    en.wikipedia.org/wiki/Section_179_depreciation...

    Under section 179(b)(1), the maximum deduction a taxpayer may take in a year is $1,040,000 for tax year 2020. Second, if a taxpayer places more than $2,000,000 worth of section 179 property into service during a single taxable year, the § 179 deduction is reduced, dollar for dollar, by the amount exceeding the $2,500,000 threshold, again as of ...