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For tax year 2026 you can deduct unreimbursed medical and dental expenses only if you itemize, and only the portion that exceeds 7.5% of your adjusted gross income (AGI) (IRS Topic No. 502; Publicatio...
Major global companies with founders who are Jewish include Google (Sergey Brin), Facebook/Meta (Mark Zuckerberg is not Jewish; sources list Facebook as Jewish-founded in some lists but do not clarify...
Congress passed the One, Big, Beautiful Bill (OBBBA) in mid‑2025, which made the Tax Cuts and Jobs Act (TCJA) changes to the standard deduction and many itemized rules permanent and added new carve‑ou...
Filing as Married Filing Separately (MFS) disqualifies a taxpayer from claiming the new senior deduction created by the 2025 law, and historically MFS filers face far less favorable treatment of Socia...
The 2025 tax law made the Tax Cuts and Jobs Act (TCJA) reduction of the home acquisition indebtedness cap—$750,000 ($375,000 for married filing separately)—permanent, rather than allowing it to revert...
The 2025 standard deduction amounts reported in contemporary government and policy sources are: $15,000 for single filers (and married filing separately), $30,000 for married filing jointly (and survi...
Adjusted gross income (AGI) is gross income minus “above-the-line” adjustments listed on Schedule 1 of Form 1040; common examples include retirement and health‑savings deductions, student loan interes...
The One Big Beautiful Bill (OBBBA) made the post‑2017 marginal tax structure permanent — keeping the seven rates that top out at 37% rather than allowing reversion to pre‑2018 rates — and left the fam...
The One Big Beautiful Bill (OBBB/OBBBA) does not create a new standalone “property tax” but it changes how much state and local taxes — including property taxes — taxpayers can deduct on federal retur...
Most reporting here notes that state governments can and do set their own estimated‑tax and other “safe harbor” rules that sometimes differ from federal IRS safe harbors; tax‑preparation guidance expl...
MAGI starts with your AGI and then "adds back" certain items that are excluded from AGI—most commonly tax‑exempt interest, excluded foreign earned income, and the non‑taxable portion of Social Securit...
If your prior-year adjusted gross income (AGI) exceeded $150,000, the IRS “prior-year” safe harbor rises to 110% of the total tax shown on last year’s return — meaning you must pay at least 110% of la...
California’s top statutory income tax rate is 12.3% and an additional 1% mental‑health services surtax applies to taxable income over $1 million, producing an effective top marginal rate of 13.3% for ...
You can use the 90% current‑year safe‑harbor if your combined withholding and estimated payments equal at least 90% of the tax you will owe for the current tax year; meeting that test shields you from...
Errors or omissions on Form 8962 commonly trigger IRS processing rejections, notices (like Letter 5598), or requests for documentation; e-filed returns missing a required 8962 are rejected under busin...
Calculating Modified Adjusted Gross Income (MAGI) from Form 1040 is a routine gatekeeper for many tax credits and benefits, but taxpayers commonly misapply the concept by stopping at AGI or using the ...
Taxpayers with irregular income who had prior-year AGI over $150,000 (or $75,000 if married filing separately) must generally pay at least 110% of last year’s tax through withholding and estimated pay...
Donations to the Turning Point USA Political Action Committee (Turning Point PAC / Turning Point USA Political Action Committee) are for federal income tax purposes; the PAC itself and tax guidance fr...
Federal savings‑bond interest ordinarily flows into gross income and therefore into adjusted gross income (AGI) — and whatever a particular program defines as MAGI will usually start from AGI — but ex...
The standard deduction for married couples filing jointly for tax year 2025 is $31,500, an increase from prior law driven by the One Big Beautiful Bill (OBBB) and routine inflation adjustments, accord...