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    VIDEO1:4101:41The 'Great Resignation' means a heavier workload for those left behindInvest in You: Ready. Set. Grow. Did your "Great Resignation" lead you to start a business or become your own boss this year? You may be able to write off the cost of your home office come tax time. "Knowing that you're not a 9-to-5 [worker] anymore, you can now take advantage of the home-office deduction," said Sheneya Wilson, CPA and founder of Fola Financial in New York, adding that it's one of the biggest deductions that people who work out of their homes can take.Here's who can claim the deductionThere are some parameters when it comes to who is eligible for the home-office deduction, even though millions of Americans worked from home this year due to the ongoing coronavirus pandemic. The tax break is generally only for those who are self-employed, gig workers or independent contractors, not those who are employed by a company that gives them a W-2 come tax season. "Employees who receive a paycheck or a W-2 exclusively from an employer are not eligible for the...
    eyecrave | E+ | Getty Images Teachers who have spent their own money on masks, hand sanitizer or other Covid-19 related supplies this year will get a little help come tax time. Those costs can be deducted with other eligible out-of-pocket expenses on 2021 taxes filed next year. Teachers have been able to deduct up to $250 each year in out-of-pocket expenses – $500 if two teachers are married and filing jointly – for some time. Due to the pandemic, however, the benefit was expanded to include supplies for protection against Covid-19. "Good for teachers," said enrolled agent Adam Markowitz, vice president at Howard L Markowitz PA, CPA in Leesburg, Florida, adding that educators generally have to incur a lot of costs throughout the school year, especially those that work with younger kids. More from Invest in You:Half of Americans with retirement accounts have taken an early withdrawalIf you don't get a 6% raise, are you taking a pay cut due to inflation?Inflation is soaring. Here's how to navigate higher consumer pricesWho and what are eligible The change means...
    Rep. Tom Suozzi, D-N.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021.Sarah Silbiger | Bloomberg | Getty Images Rep. Tom Suozzi, D-N.Y., is expecting an agreement this week for changes to the $10,000 limit on the federal deduction for state and local taxes. The measure, known as SALT, has become a bargaining chip among lawmakers in high-tax states, such as New York, New Jersey and California, threatening to torpedo the Democrats' multitrillion-dollar spending package. While the budget can pass without Republican votes, Democrats need support from nearly all members of the House and every Democratic senator. "If they try to advance a bill that does not include a fix of SALT, there will not be sufficient votes to pass the bill," Suozzi told reporters on a call. More from Personal Finance:House Democrats promise 'meaningful' relief for SALT deduction capPush for unemployment reform in Democrats' $3.5 trillion packageFree health insurance for jobless workers ends soon. Here are options However, he is optimistic about the deal as the Democrats'...
    Unofficially known as "Big Sky Country," Montana attracted more vaccinated than unvaccinated Americans last month.Mike Kemp | In Pictures Ltd. | Corbis Historical | Getty Images Lawmakers on Capitol Hill may pass a measure to curb abuses by taxpayers using a particular tax deduction for land preservation. The bill, named the Charitable Conservation Easement Program Integrity Act of 2021, has been included in the House Democrats' budget reconciliation package. Conservation easements enable property owners who give up certain rights to use or develop land to get a charitable tax deduction to help offset the financial loss. But misuse of those deductions have cropped up, whereby groups of investors obtain inflated land appraisals and, as a result, get higher tax deductions. The proposal would make it easier for regulators to clamp down on the billions of dollars in unwarranted deductions that currently drag out for years in tax courts, said Lori Faeth, senior director of government relations at the Land Trust Alliance, a national land conservation organization. The IRS and Department of Justice have worked to crack down on these abuses....
    DERBY are set to be slapped with a nine point deduction over FFP breaches... sending them bottom of the Championship. Wayne Rooney's Rams have been in talks with the EFL over agreeing a punishment in principle. 1Wayne Rooney has a difficult job on his handsCredit: PA According to the Mail, the two parties have 'agreed in principle' on a nine-point deduction, with a further three suspended until next season. An announcement is expected later this week. MORE FOLLOWS... Most read in FootballLive BlogCLUB BRUGGE VS PSG Messi, Neymar and Mbappe ALL start opening Champions League fixtureLive BlogLiverpool vs AC Milan Origi starts for Reds as Van Dijk drops to bench for CL openerLive BlogUNITED NEWS Tielemans open to transfer, Ronaldo nets in defeat to Young BoysGossipREADY FOR ANTO? Conte 'open to Man Utd job but would snub Arsenal after rejecting Spurs'IT'S EIFFEL Messi struggling in Paris as he's yet to find home for family, reveals Di MariaMAKE A STAND Rio says Solskjaer should have ordered Ronaldo to sit down on touchline
    An IRS office building in the East Harlem neighborhood of New York.Timothy Fadek/Bloomberg via Getty Images Last December, two Atlanta tax professionals pled guilty to a scheme that defrauded the IRS of more than $250 million in taxes. The scam claimed more than $1.2 billion in fraudulent charitable deductions through so-called syndicated conservation easements, a strategy most taxpayers probably have never heard of. Conservation easement tax incentives were created by Congress to help promote land preservation. Property owners give up certain rights with regard to use or development in order to keep the land as open space. In return, they get a charitable deduction to help offset the loss of value. However, abuses of the incentives have popped up, targeted at taxpayers looking for deductions. People who invest in the deals may get inflated appraisals on the land, which then leads to higher tax deductions that are shared among a group of investors. Promoters of these deals typically promise big returns. In the case of the Atlanta tax professionals, they promised more than $4 in charitable tax deductions for every...
    Kiyoshi Hijiki | Moment | Getty Images Nearly 3 million more business owners claimed a 20% tax deduction on their income last year relative to the prior filing season, according to IRS data. Around 21.2 million returns claimed the "qualified business income" deduction during tax season last year, which reflected income for 2019. That's an increase from 18.4 million tax returns the year prior. The Tax Cuts and Jobs Act, signed by former President Donald Trump in 2017, created the so-called pass-through deduction. The tax break allows owners of pass-through businesses, like sole proprietors, partnerships and S corporations, to deduct up to 20% of their business income from taxes. More from Personal Finance:A third of people don't know if they'll get a tax refund or owe moneyTax-refund phishing scam targets college students and staffSenate Dems propose capital gains tax at death The income from such businesses flows to the individual tax returns of the business owner. Some complex rules apply to the 20% deduction, however. For example, service businesses like doctors, lawyers and accountants may not be eligible if their...
    Student loan borrowers may see more relief still in the pandemic.ViT Postman | iStock | Getty Images Many people with federal student loans won't be able to claim a popular deduction on their taxes this year. Around 12 million taxpayers take advantage of the break known as the student loan interest deduction, which allows borrowers to subtract up to $2,500 a year in interest payments they've made on their private or federal student loans from their gross income, lowering their tax liability. The student loan interest deduction is "above-the-line," which means you don't need to itemize your taxes to qualify for it. There are income phase-outs, though, and individuals who earned above $85,000 and couples who made more than $170,000 in 2020 are not eligible at all. More from Personal Finance:About 127 million $1,400 stimulus checks have been sentUsing tax-deferred savings can help you get that $1,400 stimulus checkHow to make sure you don't miss $1,400 stimulus checks in the mail Your lender is supposed to report your interest payments to the IRS on a tax form called a 1098-E,...
    FANS are calling on the EFL to take action after Rotherham called off their match at Brentford and Tuesday's fixture with Luton due to COVID-19. It is the second time this season that the relegation-threatened Millers have been forced to postpone games because of positive test results in their squad. 1Paul Warne's Rotherham have had a string of postponements this season due to positive Covid-19 testsCredit: Rex Features They also cancelled fixtures against Derby and Middlesbrough earlier in the campaign while a further THREE games were rearranged due to a frozen pitch. And now fans want the Football League to step in and take action in the form of a points deduction. Coventry City fan Sean Kay tweeted: "Should be point deduction for the amount of games they've postponed this season - boring now." While fellow Sky Blues fan Paul Edgington added: "Come on @EFL @FA, you not falling for this again are you?" League bosses are now planning to investigate the latest postponements, as Paul Warne's side face a serious fixture list pile up. The EFL's official statement said:...
    Most student loan borrowers will be inelgible this year for the usual tax break they get for making payments on their debt's interest.pcess609 Add it to the long list of changes in 2020: Your ability to claim the student loan interest deduction on your taxes. If you're not familiar with all the details of the deduction, here's how it works: Those with federal or most private student loans are usually able to subtract up to $2,500 a year in interest payments they've made on their loans from their gross income, reducing their tax liability. The deduction is considered "above-the-line," which means you don't need to itemize to qualify for the break. There are income phase-outs, and individuals who earn above $85,000 and couples who make more than $170,000 in 2021 are not eligible at all. Your lender is supposed to report your interest payments to the IRS on a tax form called a 1098-E, as well as provide you with a copy. You claim the deduction on line 20 of Schedule 1. It's a popular break. More than 12 million...
    Phillies reportedly offered J.T. Realmuto a five-year deal worth more than $100M Things to do if you want to retire early These $19k SUVs Will Make You Trade in Your Car Ad Microsoft Full screen 1/9 SLIDES © Depositphotos What is a tax deduction, and how does it work? You may not realize there are several tax benefits of buying a home, if homeownership is on your goal list. Two major incentives are the mortgage interest and property tax deductions — both may help you save on the thousands of dollars you pay annually to your lender and local government. A tax deduction is a benefit that helps taxpayers reduce their taxable income. A reduction in taxable income also shrinks your tax bill. When filing your taxes, you have the option to either take a standard deduction, which is a fixed amount that varies by tax filing status, or itemize the deductions for which you qualify. Tax deductions shouldn’t...
    (CNN) — The pandemic has put millions of Americans in dire financial straits, forcing many to rely on charities to adequately feed and clothe their families and stave off homelessness.  So this year the government has offered an added incentive for Americans to donate to charity. As part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, lawmakers created a one-time deduction to encourage Americans with some spare cash to make donations this year. The deduction, which must be made by December 31 to count for tax year 2020, applies to tax filers who take the standard deduction on their federal tax return. The IRS estimates more than 87% of filers now take the standard deduction. Normally, only itemizers may claim their charitable contributions. But this year, on top of taking your standard deduction (currently $12,400 for single filers, $24,800 for married filers), you also may take a deduction for cash contributions up to $300, so long as you donate that money by December 31. (Note: It does not apply to non-monetary contributions such as clothing or food.) Although...
    As the pandemic plows into the holiday season, more than 50 million people are going hungry, according to one estimate. A growing share of Americans say it’s tough to make ends meet and millions are behind on their rent as an eviction moratorium nears its Dec. 31 end. People have plenty of compelling reasons to donate money this Giving Tuesday if they can afford it, but a handy tax code tweak enacted earlier this year provides one more incentive. The so-called “universal charitable deduction” allows non-itemizers to claim a tax break of up to $300 when they file their taxes in 2021. Let’s break that down. Charitable donations are tax deductible, but taxpayers can only claim the deduction on their federal income taxes if they’re itemize the expenses that are eligible for deductions. Along with charitable donations, these expenses include medical expenses, mortgage interest and state and local taxes (up to $10,000). But it only makes tax-savings sense to itemize if those expenses total more than the standard deduction, which reduces a tax bill by a set...
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