What is the child tax credit for 2024?

As of now, Congress has not passed new legislation to alter the Child Tax Credit for the 2024 tax year, so the current rules (a \$2,000 credit per qualifying child under age 17, with phase-outs) are expected to continue unless changes are enacted. 1. Current (and Likely 2024) Child Tax Credit Rules For the 2024 … Read more

Which HVAC systems qualify for the tax credit in 2024?

In 2024, homeowners in the United States can take advantage of federal tax credits for installing energy-efficient HVAC systems. These incentives, established under the Inflation Reduction Act of 2022, aim to promote the adoption of environmentally friendly technologies. The tax credits are available through 2032, offering substantial savings for eligible installations. Eligible HVAC Systems and … Read more

Are gifts to individuals tax-deductible?

No, gifts to individuals are generally not tax-deductible for federal income tax purposes. The Internal Revenue Service (IRS) considers gifts to individuals as personal expenses, which are not eligible for deduction on your federal income tax return. However, while these gifts are not deductible, they may have implications for the federal gift tax, which applies … Read more

Are divorce Attorney fees tax-deductible?

No, divorce attorney fees are generally not tax-deductible for federal income tax purposes. The Internal Revenue Service (IRS) considers legal fees incurred for personal reasons, such as divorce, to be personal expenses, which are not deductible. However, there are some exceptions and specific circumstances that were previously deductible but have changed due to recent tax … Read more

Are there tax incentives for women-owned businesses?

Yes, while there are no specific federal tax incentives exclusively for women-owned businesses, women-owned businesses can take advantage of various general small business tax incentives available to all qualifying businesses. Additionally, there are federal and state programs designed to support women-owned businesses through grants, loans, and contracting opportunities. Federal Tax Incentives General Tax Incentives: Women-owned … Read more

Are unreimbursed employee expenses tax-deductible?

Yes, but with significant limitations. As a result of the Tax Cuts and Jobs Act (TCJA) of 2017, most employees cannot deduct unreimbursed employee expenses on their federal income tax returns for tax years 2018 through 2025. However, certain categories of employees may still be eligible to claim these deductions. Current Tax Treatment of Unreimbursed … Read more

Are work tools and uniforms deductible?

The deductibility of work tools and uniforms on your federal income tax return depends on several factors, including your employment status (employee vs. self-employed), the nature of the expenses, and whether you are reimbursed by your employer. 1. Employees vs. Self-Employed Individuals Employees Self-Employed Individuals 2. Work Tools Deductibility Criteria Record-Keeping Authoritative Source: 3. Uniforms … Read more