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Under the old, pre-2019 alimony tax rule, filers could deduct alimony payments on their Form 1040, and recipients had to include alimony as income, provided that the payments were made in cash ...
The financial cost of driving adds up. According to research from AAA, a person who drives a small sedan 10,000 miles per year will pay $16.60 every single day to keep their car on the road. That ...
The Tax Cuts and Jobs Act made a big impact on filings for tax year 2018. From nearly double the standard deductions to new tax brackets, last year's tax filers had to adjust to changes to their...
Family law. Alimony, also called aliment (Scotland), maintenance (England, Ireland, Northern Ireland, Wales, Canada, New Zealand), spousal support (U.S., Canada) and spouse maintenance (Australia), [1] is a legal obligation on a person to provide financial support to their spouse before or after marital separation or divorce.
v. t. e. In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions. [1] It is used to calculate taxable income, which is AGI minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income.
A California domestic partnership is a legal relationship, analogous to marriage, created in 1999 to extend the rights and benefits of marriage to same-sex couples (and opposite-sex couples where both parties were over 62). It was extended to all opposite-sex couples as of January 1, 2016 and by January 1, 2020 to include new votes that updated ...
Property taxes would remain deductible, but only up to $10,000. Mortgage interest would also remain deductible, but only for mortgages of $500,000 or less. (Currently this limitation is $1 million.)
There is an additional 1% tax (the California Mental Health Services Act tax) if your taxable income is more than $1,000,000, which results in a top income tax rate of 13.3% in California which is the highest statewide income tax rate in the United States. [42] The standard deduction is $4,601 for 2020. [43]