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Car finance calculator california3/28/2023 ![]() ![]() The credit allows for a dollar-for-dollar reduction on the amount of taxes owed. However, the top credit you can receive per tax return is worth $2,000. The maximum amount of expenses you can deduct is up to $10,000 for an unlimited number of years. The lifetime learning credit allows people to claim a tax credit for taking classes at a community college, university or other higher education institution. Lifetime Learning Credit Education Credits The amount has increased to 22 cents a mile from July 1, 2022, through the end of the year. For 2022, you can deduct 18 cents a mile for travel you made for medical purposes through June 2022. Trips to your doctor’s office or hospital appointments qualify for medical mileage. In those cases, you can deduct the expenses in the year you charged the card, not necessarily the year in which you repaid them. To claim medical-related expenses on your 2022 tax return next year, they must have been paid in 2022, unless they were charged to a credit card. Medical and dental expenses qualify for a tax deduction, though you can deduct only the costs that exceed 7.5% of your AGI. Donations of items or property also are considered deductible charitable contributions. Generally, you can deduct charitable contributions of cash totaling up to 60% of your adjusted gross income, or AGI. You can deduct mortgage insurance premiums, mortgage interest and real estate taxes that you pay during the year for your home. State Taxes PaidĪgain, you can deduct state income taxes that are paid, but the write-off is limited to up to $10,000, which includes all deductible state and local taxes. The write-off is limited to interest on up to $750,000 ($375,000 for married-filing-separately taxpayers) of mortgage debt incurred after Dec. The interest you pay for your mortgage can be deducted from your taxes. The limit is scheduled to last through the 2025 tax year, unless Congress extends it. Under a massive tax overhaul that was signed into law in 2017, deductible state and local income taxes (SALT), including property taxes, are capped at $10,000. Property taxes may be deductible if you itemize, but a limit comes into play. ![]()
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