If you purchased a new vehicle that runs on electricity drawn from a plug-in rechargeable battery, you may be eligible to claim the qualified plug-in electric drive motor vehicle tax credit, which can reduce your tax bill. In order to take the credit, you must file IRS Form 8936 with your return and meet certain […]
Qualified Plug-In Electric Drive Motor Vehicle Credit Worksheet Read More »
You might be able to deduct qualified medical expenses that are more than 7.5% of your adjusted gross income. For tax returns filed in 2022, taxpayers can deduct qualified, unreimbursed medical expenses that are more than 7.5% of their 2021 adjusted gross income. So if your adjusted gross income is $40,000, anything beyond the first $3,000 of
Claiming rental losses can be very beneficial as it will decrease your Adjusted Gross Income (AGI), thereby decreasing your taxes. However rental losses are considered PASSIVE LOSSES, and do not decrease your AGI unless you qualify for claiming ‘Material Participation’ in the Rental Property’s activity, There are several requirements for material participation, and satisfaction of
