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Apr 6, 2025Some of the money you get yearly is not taxable under federal income tax. The IRS omits several forms of income from taxes, which might assist lower your total tax due. Common non-taxable income sources are listed below: Money or property acquired as a gift or inheritance is not deemed taxable income. Gifted property, on the […]
adminApr 3, 2025A net operating loss (NOL) occurs when your deductions surpass your taxable income. It can lower your taxable income in future tax years. They can still use the 2-year carryback rule. for tax years before 2018. The Tax Cuts and Jobs Act (TCJA) removed this for future tax years, save for certain agricultural losses and […]
adminApr 3, 2025Unreimbursed employment expenses are work-related expenses individuals incur out of pocket and their employer does not compensate them for. Historically, if these costs surpassed 2% of their adjusted gross income (AGI), workers may deduct them as miscellaneous itemized deductions. The Tax Cuts and Jobs Act (TCJA) of 2017, however, blocked this deduction for most workers […]
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