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If you or a loved one will incur educational expenses for K-12 or college, consider funding a 529 plan before year-end. While there isn’t a federal income tax deduction for 529 plan ...
Here are a few of the most common self-employment tax deductions: 1. Self-Employment Tax Deduction. If you’re self-employed, you will end up paying more Social Security and Medicare tax than an ...
The educator expense tax deduction is available to instructors, counselors, principals and aides who work at least 900 hours each school year and spend their own money on supplies they need for work.
The VITA tax returns are prepared by IRS tax law certified volunteers. The volunteers are taught how to use tax software and specific tax law each year. They must pass a tax law exam to receive basic or advanced certification. The passing score is 80%. Certificates expire at the end of the tax year and must be renewed.
For example, using the case where the IRS interactive tax assistant calculated a standard tax deduction of $24,800 if you and your spouse earned $24,000 that tax year, you will pay nothing in ...
This article originally appeared on GOBankingRates.com: 8 Things To Review as Part of Your Year-End Financial Checklist, According to Tiffany Aliche Show comments Advertisement