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WebFeb 15, 2024 · 12 Most Popular Tax Deductions. 1. Student Loan Interest. You can deduct up to $2,500 in paid student loan interest each year per tax return. This means single filers can deduct ... 2. Traditional IRA and … WebApr 11, 2024 · Each state has its own standard deductions, but the IRS automatically sets the federal standard deductions for 2024 taxes to be filed in 2024: $12,400 for single taxpayers. $12,400 for married ...
WebFeb 9, 2024 · Electric vehicle tax credit. Up to $7,500, depending on your car’s battery size. New electric or plug-in vehicles purchased in 2024. American opportunity tax credit. … WebDec 1, 2024 · Hello, I’m Victoria from TurboTax with seven great tax deductions you may be able to use if you’ve bought or sold a home this year. Deduction number one: You can write off mortgage interest from the year of the purchase to the year of the sale or until the mortgage is paid off. Number two: You may deduct loan origination fees, loan ...
WebOct 26, 2024 · 1. Property Taxes. Property taxes may be deductible if you itemize, but a limit comes into play. Under a massive tax overhaul that was signed into law in 2024, … WebApr 3, 2024 · Here’s everything you need to know about tax deductions—from what the standard deduction is to which expenses are tax deductible. ... That’s great news for many taxpayers! For the 2024 tax year, the standard deduction has been adjusted slightly for inflation. So, if you’re single, the standard deduction is now $12,950.
WebFeb 25, 2024 · Businesses often miss great tax-saving opportunities because they aren’t aware certain tax breaks exist. Under Section 179, you can write-off 100% of the purchase price of the equipment you finance up to the yearly deduction limit. If you purchase equipment over the deduction limit of $1,080,000, you may qualify for bonus …
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