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The standard deduction is a fixed deduction that varies depending on your filing status, age and dependent status. This year, the standard deduction is $12,950 for those filing single or married ...
Updated January 11, 2023 at 10:26 AM. ... Here are some of the best college-related tax credits, deductions and other tax breaks that you may be able to take. ... Student Loan Interest Deduction.
Your deduction for charitable contributions generally can’t be more than 60% of your adjusted gross income, but in some cases, 20%, 30%, or 50% limits may apply.
Learn about the standard deduction, a tax benefit for non-itemizers in the US, based on filing status and age. Find out the amounts, conditions, and examples of the standard deduction for different years.
EITC CTC 2023 Filing Season The enhanced CTC was not extended and returns to $2,000 per child dependent for the 2022 tax year, down from $3,600 last year. The other big change to the CTC is that ...
If you have enough deductions to exceed the standard deduction for your filing status ($13,850 for taxes due in 2024 and $14,600 for 2025 tax filings), you can itemize those expenses to lower your ...
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