Monthly Archives: March 2022

Retirement and Tax Deductions for 2021

I Owe on My 2021 Taxes, Is It Too Late for Any Deductions? For 2021, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can’t be more than: $6,000 ($7,000 if you’re age 50 or older), or If less, your taxable compensation for the year Therefore, if you…

Schedule A Itemized Deductions

Claiming my charity donations, medical bills, or mortgage interest? Taxpayers who take the standard deduction can claim a deduction of up to $300 for cash contributions to qualifying charities made in 2021. Married couples filing jointly can claim up to $600. For the 2021 tax year, the standard deduction for single taxpayers and married people filing separately…