
Articles
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4 days ago |
thechiefleader.com | Barry Lisak
Every taxpayer has a set of fundamental rights. You should be aware of these rights when you interact with the Internal Revenue Service. There are 10 broad categories:1. The Right to Be Informed.Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to clear explanations of the laws and the IRS procedures in all tax forms, instructions, publications, notices and correspondence. 2. The Right to Quality Service.
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2 weeks ago |
thechiefleader.com | Barry Lisak
Charitable contributions made to qualified organizations may help to reduce your taxable income and lower your tax bill. The IRS has put together the following guidelines to help ensure your contributions pay off on your tax return. A charitable deduction must be given to a qualified organization. This means the group meets the government’s requirements to be classified as a tax-exempt organization. You can check the IRS’s own online searchable database of exempt organizations.
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3 weeks ago |
thechiefleader.com | Barry Lisak
On May 9, Governor Kathy Hochul signed New York’s budget bill for the 2026 fiscal year. The key tax provisions are below:• The budget enacts a one-time inflation refund check. Specifically, joint filers with income up to $150,000 will receive a $400 check and joint filers with income over $150,000 but no greater than $300,000 will receive a $300 check.
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1 month ago |
thechiefleader.com | Barry Lisak
There are certain types of taxes that you can deduct on your tax return if you itemize on Form 1040, Schedule A. To be deductible on your tax return, a tax must be charged to you and you must have paid it during your tax year. But a word of caution: through 2025, the Tax Cuts and Jobs Act (TCJA) limits itemized deductions for state and local property taxes and personal state and local income taxes (or sales taxes if you choose that option) to a combined total of only $10,000.
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1 month ago |
thechiefleader.com | Barry Lisak
If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2024 for medical and dental care for yourself, your spouse, and your dependents. Here are some facts the IRS wants you to know about medical and dental expenses:For the 2024 tax year, you may deduct only the amount by which your total medical-care expenses for the year exceed 7.5 percent of your adjusted gross income (AGI).
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