Deductions and Credits
This is the maximum deduction allowed for state and local taxes for individuals.
What is $10,000?
This is the corporate tax rate under the TCJA.
What is 21%
This is the age individuals are required to start taking required minimum distributions.
What is 73?
This is the most common mistake taxpayers make on their returns.
What is an incorrect social security number?
You got married in June, this is how you file for the year.
What is Married filing jointly?
This is an education-related tax credit that is partially refundable.
What is The American Opportunity Credit?
These are the entities that are pass-thrus
What are sole proprietorships, partnerships, and s corporations?
The maximum capital loss deducted against ordinary income per year?
What is $3000?
This is my favorite depreciation method.
What is sum of years digits? (SYD)
You sell your main home and the gain is under $230,000, how much tax do you owe.
What is 0?
The standard mileage rate for business use of a car in 2024.
What is 67 cents per mile?
The most used/current method for depreciation for tangible property.
What is MACRS?
This is the treatment of alimony from post-2018 divorce agreements.
Who is Albert Einstein?
What is $2000?
What is $7000?
The maximum 179 deduction.
What is $1.22 million?
What is Form W-2G?
In Texas, this item has a different sales tax rate depending on if it is sold hot or cold.
You inherit stocks, the step up basis is...
What is the fair market value on the date of the death of the descendent?
What is a 1098-T
The recovery period for most office furniture and equipment.
What is 7 years?
Nothing is certain except...
What is death and taxes?
This homeowner's expense is typically deductible for itemizers.
What is mortgage interest.