With a new school year getting underway, teachers need to know that for the first time since it began in 2002, there has been an increase in the maximum deduction for classroom expenses paid out-of-pocket. For 2022, the cap has been raised 20% from $250 to $300 and covers expenses for items such as books, […]
President Biden recently announced a student loan forgiveness program that could mean up to $20,000 of your loans are forgiven. There are a few things to keep in mind if you are eligible for this program, especially as it relates to your tax returns. The program covers up to $10,000 in federal student loan forgiveness […]
Now that the Inflation Reduction Act has been signed into law, you may be wondering how it might affect your tax return. While there are many changes that could affect you, it is important to note upfront that the $10,000 deduction cap for state and local tax has not changed and will remain in effect […]
You may have seen discussion of the solar tax credit program in the news recently. What is this program and how can it affect you? The program, which has been in effect for over 15 years, allows homeowners to receive a tax credit for the installation of a solar photovoltaic system in the US, which […]
