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TurboTax Shares the 10 Most Overlooked Tax Deductions


TurboTax Shares the 10 Most Overlooked Tax Deductions
TheStreet
2 days ago
© TheStreet
TurboTax Shares the 10 Most Overlooked Tax Deductions
Subscribe to the Turbo Tips podcast on Apple Podcasts, Spotify and iHeartRadio for more tax tips in 5 minutes or less!
Get your share of more than $1 trillion in tax deductions
The most recent numbers show that more than 45 million of us itemized deductions on our 1040s claiming $1.2 trillion dollars worth of tax deductions. That s right: $1,200,000,000,000! That same year, taxpayers who claimed the standard deduction accounted for $747 billion. Some of those who took the easy way out probably shortchanged themselves. (If you turned age 65 in 2018, remember that you deserve a bigger standard deduction than younger folks.) ....

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New tax regime vs Old tax regime: How to choose the better option for you?


Updated Mar 08, 2021 | 06:08 IST
Ever since the announcement, taxpayers have been confused about whether they should stick to the old regime which offers the benefit of exemptions and deductions or switch to new regime which has lower rates
New tax regime vs Old tax regime: How to choose the better option for you? 
New Delhi: In last year s budget, Finance minister Nirmala Sitraman announced a new tax regime with more tax slabs and lower tax rates. This was long demanded by most taxpayers. However, the new slabs came with the catch of removal of all the deductions and exemptions available. The finance minister gave taxpayers a choice between the new regime and existing one, leaving it to them to decide which they would like to opt for.  ....

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Illinois IDES Unemployment Fraud: How to make sure you won't be taxed on stolen benefits


I have never in my life filed for unemployment, Kramer said.
She said she received three more letters from IDES regarding unemployment benefits, and then another saying she owed the state $332 and if she didn t pay the state would deduct and withhold her state income tax refunds.
This is crazy. I never applied for unemployment and never received benefits, she said. I ve never contacted any of these people, how can they be sending me this?
The ABC7 I-Team has been investigating fraud impacting the state s unemployment system over the last several months, and with every story shared more people come forward claiming to be victims of an unemployment scheme. ....

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