2024 single standard deduction and gambling losses

“ IRS Provides Tax Inflation Adjustments for Tax Year 2024.” This deduction is available to educators who teach grades K-12 who work at least 900 hours during the year. Qualified expenses include teaching supplies, books, and other ordinary expenses commonly associated with education. Educator Expenses: These include unreimbursed qualified expenses of up to $300 ($600 for joint filers if both fall under this category).Early Withdrawal Penalties: Any penalties paid for the early withdrawal of money from a CD or savings bond that is reported on Form 1099-INT or 1099-DIV can be deducted.However, this deduction expired at the end of 2017 and was replaced by the qualified business income deduction. Domestic Production Activities: Up to 9% of activities related to the domestic production of certain goods or services, such as engineering or architectural concerns, were able to be deducted under certain conditions.If your divorce agreement predates that date, check with your accountant to confirm that alimony payments are still deductible.

31, 2018,' or were modified in certain ways after that date. These payments are deductible from your gross income unless they are 'made under a divorce or separation agreement executed after Dec. Alimony: Payments that are not classified as child support and are made to a spouse pursuant to a divorce decree usually count as alimony.

2024 single standard deduction and gambling losses