![]() ![]() Business expensesįor years before 2018, citizens, residents, and non-resident aliens generally were able to deduct expenses incurred for the following: If an individual is both blind and age 65 or over, the standard deduction may be increased twice. For 2022, such an individual who is married may increase the standard deduction by USD 1,400 and for 2022 USD 1,500 if such an individual is single, the additional standard deduction is USD 1,750 and USD 1,850, respectively. Individuals, including resident aliens, who are blind or age 65 or over are entitled to a higher standard deduction. Non-resident aliens may not claim a standard deduction. These amounts are adjusted annually for inflation. For 2023 the standard deduction is USD 27,700 for married couples filing a joint return, USD 13,850 for individuals, and USD 20,800 for heads of household. The basic standard deduction for 2022 is USD 25,900 for married couples filing a joint return, USD 12,950 for individuals, and USD 19,400 for heads of household. Instead of itemising deductions, citizens and resident aliens may claim a standard deduction. Disallowed excess investment interest expense may be claimed as a deduction in subsequent years, to the extent of net investment income. investment income net of investment expenses other than interest). However, interest paid on investment debt is deductible, but only to the extent that there is net investment income (i.e. No deduction is allowed for personal interest. Non-resident aliens may deduct, subject to limitations, casualty and theft losses incurred in the United States, contributions to US charitable organisations, and state and local income taxes. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |