US immigrants attention! With the arrival of the New Year, the United States has entered its annual "tax season." During this critical month of January, immigrant friends will receive various tax-related bills and letters. Please pay special attention to the following 50 items, as they may be tax-deductible. Immigrants should keep these records safe.
1. Income taxes paid to state, local, or foreign governments, as well as personal property taxes related to automobiles, boats, and real estate.
2. Employee contributions to state disability funds (i.e., SDI on pay stubs).
3. Contributions to retirement plans (including IRA, Keogh, or SEP) or medical savings accounts.
4. Student loan interest (up to $1,500).
5. Legal fees paid for the production of income, such as alimony.
6. Gambling losses (up to the amount of gambling winnings).
7. Fair market value of clothing, computers, and household goods donated for charitable purposes.
8. Fees paid for the appraisal of charitable donations or casualty losses.
9. Automobile expenses (14 cents per mile) and other costs incurred for charitable work.
10. A portion of the cost of Girl Scout cookies donated.
11. Depreciation of business vehicles; SUVs weighing 6,001 pounds or more may be eligible for up to $19,000 in depreciation.
12. Small prizes or awards given by employers to boost employee morale, and business gifts with a unit price not exceeding $25, may be tax-deductible if not reimbursed.
13. 60% of health insurance premiums for self-employed individuals (if medical expense deductions exceed the 7% threshold, the remaining 40% may be deducted from Schedule A).
14. Vacation and cleaning expenses incurred during business travel.
15. Expenses for business tools with a useful life of less than one year.
16. One-half of self-employment tax.
17. Certain business losses from the previous year.
18. Expenses incurred in searching for a new job in the same industry, including fees paid to employment agencies and resume preparation, as well as moving expenses for starting a new job.
19. Subscription fees for professional journals and newspapers.
20. Union dues.
21. Educational expenses for maintaining or improving skills required for one's current job.
22. Costs for uniforms and work clothing that are not suitable for everyday wear (cleaning costs may also be included).
23. Costs for protective clothing such as safety goggles and work gloves.
24. Transportation expenses to temporary work locations.
25. When selling a primary residence, couples can exclude up to $500,000 of capital gains, and individuals can exclude up to $250,000.
Worldway Friendly Reminder: It is very important for our US immigrant friends to understand the basics of US tax filing. During the critical month of January, keeping records of the various expenses mentioned above will help you claim deductions when you file your taxes. As a leading institution in the immigration industry with 18 years of experience, Worldway has a comprehensive settlement and support team that provides professional and attentive service, attending to every minor detail of our clients' immigration journey to the United States. For more details, please call: 400-138-2929
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