Proposed Tax Legislation May Affect 2023 Filings



A tax bill that just passed the House Ways and Means Committee on January 19, 2024 could favorably impact tax returns for 2023 . . . if it can pass both Houses quickly enough. Many of the proposed provisions would apply retroactively, potentially causing confusion and disruption to this year’s filing season.

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The standard business mileage rate will be going up slightly in 2024



The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67 cents (up from 65.5 cents for 2023).

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It’s possible (but not easy) to claim a medical expense tax deduction

One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your tax return? It depends. Many expenses are tax deductible, but there are several requirements and limitations that make it difficult for many taxpayers to actually claim a deduction.

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