If you owed the IRS in 2018, you aren't alone. Sen. Elizabeth Warren owes the taxman just more than $24,000, according to her just-released tax return. Here are three tax lessons you can learn from the senator.
Say what you will about presidential hopeful Sen. Elizabeth Warren, D-Mass., but it looks like she's getting some good tax advice.
The overhaul of the tax code raised the standard deduction to $12,000 for single filers , eliminated personal exemptions and limited itemized deductions, including a $10,000 cap on state and local tax deductions. "She lost on a big state tax deduction," said Lance Christensen, CPA and partner at Margolin Winer & Evens."But the concept of bunching is important with respect to charitable contributions."
That amount is the total maximum contribution self-employed individuals were able to put away into a SEP IRA or a solo 401 in 2018 . The tax break is available to owners of"pass-through" entities, including sole proprietorships, S-corporations and partnerships.
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