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The Tax Cuts and Jobs Act (TCJA) of 2017 put an end to the deductibility of financial advisor fees, as well as a number of other itemized deductions. As of January 2018, these fees no longer ...
In the past, you could deduct college expenses using the Tuition and Fees Deduction. But this deduction was phased out in 2020, and instead there are several college credits that have expanded.
Here are a few lesser-known small business tax deductions that can help lower your self-employment taxes: 12. Qualified Business Income (QBI) ... 15. Software Fees.
Tax deductions above the line lessen adjusted gross income, while deductions below the line can only lessen taxable income if the aggregate of those deductions exceeds the standard deduction, which in tax year 2018 in the U.S., for example, was $12,000 for a single taxpayer and $24,000 for married couple.
Your tax bracket is the one that applies to the last dollar you earned. So, if you had $40,000 in income, you’d be in the 12% tax bracket — your first $11,600 would be taxed at 10%, and your ...
If you pay someone else's tuition and fees as a gift, you should be aware that the educational expense gift tax exclusion limit per year to any single individual — in this case, your child ...