“Most taxpayers receiving state tax refunds do not have to include the state tax refund in income for federal tax purposes.” In February 2023, the IRS determined that residents of 21 states would not need to include certain special payments in their 2022 federal income. Residents in Georgia, Massachusetts, South Carolina, and Virginia did not haveContinue reading “Guidance on Excluding Special Payments”
Category Archives: Deductions
Federal Deduction Updates
According to savings.com, teachers on average spend about $550 of their own funds each year to help their students acquire basic supplies, yet the annual tax deduction for such expenses has been stuck at $250 since the deduction was established in 2001. In 2023, the maximum deduction is $300, and it is anticipated to riseContinue reading “Federal Deduction Updates”