Approaching tax deadline: insights and assistance available
Attention folks, noteworthy news as the IRS tax filing deadline is fast approaching! Don’t fret though, as of March 8, approximately 62 million tax returns have already been processed. If you are amongst those still battling the dreaded tax returns, let’s assure you, resources are at your disposal to sail through the process.
The average refund, by the way, stands promising at $3,100. Still confused? Relax and consider this – the complexities of tax filing are common, and help is available online and offline.
For those who haven’t filed yet – start now! Review the tax laws and remember, thorough preparation can help optimize your tax return and potentially plump up your refund.
Recently, Eric Bronnenkant, a tax guru, clarified some misconceptions about tax laws. Did you know tax rules differ depending on individual situations? Thought that earning more puts you in a higher bracket and decreases your income? Nope – thanks to our friendly progressive tax system.
Misconceptions about the capital gains tax have also been debunked. Apparently, it does not solely apply to property sales, but to any profit.
Guidance for upcoming tax deadline: practical insights
So next time you sell that artifact and earn a fortune, remember Mr. Bronnenkant’s advice.
Now, let’s say you work from home and think you’re eligible for a deduction? Think again. The home office deduction does not apply unless you are self-employed and use part of your home exclusively for business purposes. Additionally, that space should not serve dual purposes i.e., work during day and family room in the evening. Maintaining a clear distinction can greatly improve your chances of claiming the home office deduction – some food for thought!
Addressing another common misunderstanding, Bronnenkant clarifies that the mileage deduction for medical reasons is not exclusive to military personnel. This deduction can be claimed by anyone who needs to drive for medical reasons, as long as their out-of-pocket expenses (including mileage) exceed 7.5% of their AGI.
You’re a landlord and wondering about the qualified business income (QBI) deduction? Confused? The IRS guidelines or a tax expert, might just be your savior. But remember to not just meet but exceed the standards to truly reap the benefits!
In the end, note that despite unanswered questions around certain tax credits, Bronnenkant’s guide is a treasure trove of insights, offering you essential tips and clarifications to navigate the tax maze.
