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What IRS income tax credits are available in addition to the standard deduction for a married couple with 2 children in the US for 2022 with income ranging $75k-$120k?
There are a number of deductions still available. The ones available to you would depend on your particular circumstances. A partial listing is available on: Work, Home, Child Related Tax Deductions That Reduce Taxes. Other deductions are available to offset investment income and Supplemental Income and Loss (From rental real estate, royalties, partnerships, S corporations, estates, trusts, REMICs, etc.) and such.Your best bet, given your income, is to use the services of a qualified tax preparer. A second opinion wouldn’t go astray if your income sources are complex.
Is there a limit to how much I can contribute to pretax to my FSA?
For 2022. an employee can contribute up to $2,700 to a health flexible spending account plan. Employer contributions do not typically count against these limits unless the employee uses cafeteria plan flex credits.An employee can also contribute up to $5,000 to a dependent care flexible spending account plan, except that an employee who is is married and files a separate tax return is limited to $2,500. A single employee is also limited to their their salary excluding contributions to the dependent care flexible spending account plan. Married employees are also limited to the lesser of their salary excluding contributions to their dependent care flexible spending account plan or their spouse's salary.An employer is allowed to institute a lower limit for all of its employees if it wants to do so.See Revenue Procedure 2018-57
In the US, what expenses are tax deductible for individuals?
In the USA, in 2022. individuals who itemize tax deductions can usually include the following with their itemized deductions (although some have floors, ceilings, and other important rules).Medical and dental expensesState and local income taxes or general sales taxesReal estate taxesPersonal property taxesCertain other state and local taxesHome mortgage interest and pointsMortgage insurance premiumsInvestment interest expensesGifts to eligible charitiesThe Tax Cuts and Jobs Act of 2022 eliminated tax deductions for tax preparation fees, investment expenses, and unreimbursed employee expenses, such as certain job travel, some union dues, and some job education, effective January 1, 2018.Individuals may be able to take an exclusion from income for the following.Educator expensesCertain business expenses of reservists, performing artists, and fee-based government officialsHealth savings account contributionsHalf of self-employment taxContributions to Simplified Employee Pension Individual Retirement Arrangements (SEP-IRA), Savings Incentive Match Plan for Employees Individual Retirement Accounts (SIMPLE-IRA), and Individual Retirement Accounts (IRA)Payments for health insurance for self-employed individualsPenalties on early withdrawal of savingsStudent loan interestCertain tuition and related feesCertain domestic production activitiesThe Tax Cuts and Jobs Act of 2022 eliminated exclusions for moving expenses unless the individual is in the military and moving due to military orders.Individuals may be able to take a tax credit for the following.Certain foreign taxes paidCertain child and dependent care expensesAmerican Opportunity Credit and Lifetime Learning Credit for certain education expensesRetirement savings contributions for certain individuals with relatively low incomesThere are plenty of details, exceptions, and limitations to the above. See the relevant IRS instructions, IRS forms, and a tax advisor for more important information.https://www.irs.gov/pub/irs-pdf/...https://www.irs.gov/pub/irs-pdf/...https://www.irs.gov/pub/irs-pdf/...https://www.irs.gov/pub/irs-pdf/...
Why would anyone buy a Tesla Model S over the Model 3?
I own both vehicles, an early 2022 Model S and a Model 3, which was a first-day reservation that I ordered as soon as I was able (VIN is 8,000-ish, so it was a very early build, took delivery in March 2018).From a cost perspective, the Model 3 is the much more reasonable deal. But the Model S does have its advantages.The Model S is more luxurious in terms of seating room, cargo capacity and screen size • including the traditional “instrument cluster” screen behind the wheel; the Model 3 only has the center screen.In many configurations, the Model S is considerably faster than the Model 3, although a pricey Performance Model 3 ($61k, 0–60 in 3.3 sec) will smoke a bottom-end Model S ($85k, 0–60 in 4.1 sec).Older Model S’s like mine have free Supercharging while the Model 3 costs $4–5 for a typical Supercharge, at least in my experience. For someone who makes frequent road trips, a used Model S with free Supercharging could be a better choice than a new Model 3.My Model S also has a sunroof, which has never been available on the Model 3 and is now, sadly in my opinion, also unavailable on the Model S.Like, well, pretty much every other new car on the road, the Model S comes with a key fob. The Model 3’s phone app “key” and credit card-style “valet keys” aren’t as convenient in real-world use; that’s probably why Tesla eventually started offering Model 3 key fobs for sale on its website.The Model 3 is more futuristic, smaller and more nimble, more of a “city car” • and most importantly, it can be had for as little as half the price of a Model S. For most buyers, the Model 3 makes more sense.They’re both outstanding vehicles. I expect to keep both for many years and I expect every vehicle I buy the rest of my life to be a Tesla.Addendum: let me clear up a few falsehoods I’ve seen in the comments:First, there is no appreciable difference between averting one’s eyes from the road to glance at a speedometer behind the steering wheel (Model S) and averting one’s eyes from the road to glance at a speedometer slightly to the right (Model 3). I’ve got thousands of miles of experience with each and that’s really not an issue.Second, software updates have made the Model 3 less dependent on the screen controls than when it was first released. Between the stalks, buttons and wheels on the steering wheel, nearly all important and frequently used controls can be engaged, including windshield wipers, audio controls, high beams, etc. Voice controls can take care of a lot, too.Finally, all Model 3?s to date have had the “premium” interior package that includes power seats.
What are common tax credits?
I’ll just start by saying please take the time to read through at least a summary of the new tax reform to see how it affects you, because it will affect you.As for common tax credits:Earned Income Tax Credit:The IRS claims that 1 in 5 people that qualify for this don’t even file for it, so check to see if you meet the qualifications. It’s geared towards people with low to moderate income.Child and Development Care CreditThis credit is for those who paid for a child to be taken care of, given the child is under 13 years old, so that you may attend school or work. For example, if you have a kid and you pay a babysitter to watch them while you work, you probably qualify.American Opportunity Tax CreditThis credit is for students pursuing higher levels of education (the education has to culminate with a degree or some other education credential). It’s worth up to $2,500 and can be used for 4 tax years per student.Lifetime Learning CreditSimilar to the previous credit, this applies to education and job training. It’s with up to $2,000 and there’s no maximum number of years you can claim it.Advanced Premium Tax CreditThis one is incredibly complicated and works on a sliding scale based on multiple demographics (marital status, income, household size). Basically it allows low income people to pay healthcare premiums when they purchase healthcare through the Get 2022 health coverage. Health Insurance Marketplace exchange. To be entirely honest, I don’t have a full grasp on this tax credit, if somebody wanted to explain more in detail in the comments that would be appreciated.Savers CreditThis is, as the title suggest, a credit for people of low to moderates income who are saving money. If you qualify and you’re putting money in a retirement plan like a 401(k), you could qualify for up to $2,000.Adoption CreditThis applies to a smaller percentage of people, but I still thought I should include it. If you adopt a child, you could qualify for up to ~$13,000 in credit. This is to offset the costs of attorneys, travel, adoptions fees, etc.Child Tax CreditThis applies to many American families. Depending on marital status and income, you could qualify for up to $1,000 per child. The IRS hs a few requirements, however, such as the child must be under 17, live with you a certain percentage of the time, and be filed as a dependent.Credit for the Elderly or the DisabledThis credits worth is up to $7,500. It’s for people 65 or older or retired on permanent disability snd have a taxable income. This is another credit that I have a loose understanding of, so a thorough description in the comments would be appreciated.Energy CreditsThese have been scaled back in the past few years because of the growth in popularity of alternative energy sources, but they still exist. Installing energy efficient windows or insulation qualifies you for up to a $500 deductible. Grander projects like geothermal heating systems and solar water heaters earn you a 30% credit.*if any of these are outdated or explained in a manner that doesn’t quite cover all that it should, feel free to comment and I’ll adjust as needed.“In this world, nothing can be certain except death and taxes”-Benjamin Franklin
Is it possible to get a chimp for a pet in the USA?
The other answers to this question don’t seem to be entirely correct. The date stamp on this page is 2022. and the laws on owning great apes (including chimps) as pets seem to vary by state: Great Ape Laws by State.Here’s one example:Wyoming has no law that restricts or otherwise mentions great apes. In fact, Wyoming does not even have a state endangered species provision providing additional state protection for endangered or threatened species.Plenty of states do ban chimp ownership according to this document. Some states allow them as pets with a license, while in yet more states pet chimps are “probably banned”. (That’s helpful! I’ll buy an improbable chimp.)In answer to the question, it depends where you live. Now, we’ve ascertained whether you can own a chimp as a pet, what about whether you should?So, you’re a lonely sheep herder in Wyoming. You look at mountains all day and drink yourself into oblivion.What the hell else are you going to do with your time, eh? Might as well get a chimp! There’s no law against it, after all.Well, that’s probably not a great idea.Chimps make terrible pets!Imagine having to take care of a misbehaving toddler. Sure, it can be loving and fun to look after, and look! You can even dress it up in human clothes. Hahaha! He thinks he’s people.Credit: Associated PressThe thing is, chimps get big and strong pretty quickly, but they retain that temper. After several years your adorable little pal begins to look more like this:Try and put clothes on me, I double dare you. (Credit: Pixabay)Now he’s still got the emotional maturity of a child, but he’s also got the ability to f*ck you up! Human children aren’t generally able to bite your hands and face off. I’m not going to link to the images but you only have to search for “chimp attack” to discover very quickly just how bad an idea it is to own one of these animals as a pet.(It doesn’t help that the chimp’s owner gave him a f***ing XANAX on the day of that attack…)Chimps might be affectionate with their owner if you raise them from a baby, but that doesn’t mean they’re going to be as kind to the mailman, or to your friend who’s visiting…or even your own, human baby.They’re effectively a ticking time bomb. They’ll break stuff, they’ll get aggressive, and they live a very long time. After they’ve grown into an unruly teenager or outright frightening adult, maybe you’re not so keen.What happens when you decide you don’t want it any more, though? The chimp’s spent its life around humans and might struggle to assimilate with other chimps in a sanctuary. You’ve just screwed with its well-being because it looked cute in a diaper and you decided to throw common sense out the window.It’s just a shitty, shitty idea. Don’t get a chimp as a pet.Footnotes:Great Ape Laws by StateTravis (chimpanzee) - WikipediaWhy would a chimpanzee attack a human?How a New York chimp raised as a human died of a 'broken heart'
Why can't India become a developed nation at least in the next 50 years?
I’m fairly certain that India can become a developed country in the next 3 decades. I will cover the progress in every major sector below (request your help to fill in the statistics I have missed)What is done for overpopulation and basic health?India’s birth rates has been falling and the fertility rate is getting close to the ideal rate of 2.1 births per woman. Most nations around the world have it either too high or too low than that ideal rate. Given the trend below in 2022 we should be somewhere around 2.2 and getting close to the perfect fertility rate.We are getting to compact 2 children families. A stabilising population with small families without any real force upon them would make available a lot of spare resources of the family and the government to raise the next generation better. The children coming of age in the next 20 years will thus be far smarter than us. Families are already educating their children better (Gross enrolment ratio, gender parity in higher education goes up) and more children survive • Sharp decline in maternal, infant mortality rates in India • all of these have multiplier effects for economic growth.What is done for population to get the essentials?India is also just months away from having universal access to household electricity (15 states have 100% household electrification now), cooking gas (Govt now extends LPG scheme to all poor households) and toilets (With Over 9 Crore Toilets, India Inches Towards Becoming ODF). Those basic necessities in the families could turbocharge their life and put a huge momentum to the economy as a whole.Indian families are now getting more financial inclusion • India at the forefront of global growth in financial inclusion: World Bank and India is pushing heavily towards universal healthcare • India launches ‘Modicare,• the world’s biggest government health program.With right incentives, there is now a huge growth in affordable housing and the home prices are a lot more affordable than a decade ago • Affordable housing racing ahead in realty sector.When families get access to good education, housing, healthcare and financial support, great things happen.Unlike a small country, a large country’s growth neither goes up rapidly nor comes down rapidly. Think of a big vessel with hot water. It is not going to get cold too soon nor it is going to boil too soon. Indian vessel being quite big took a lot of time to get warm • while its neighbouring small vessels got quite hot • but being a big vessel it is also going to maintain its economic temperature better.What is done to secure future industries?India has hands on key sectors of the future • including IT, space, consulting etc. It also has good universities • that might not rank at the top in R&D • but are quite adept in building world class students.We are also rapidly preparing for the future in these ways:India has the highest number of organic farmers globallyIndia is now a world leader in renewable energyGovt approves 100% electrification of railways by 2021-22 • unlike other major countries, India is betting its future not on electric cars, but on electric trains, metro transits and bullet trains running on clean power and accessible to most of the population.India has made great strides in communication and by some measures India is now world's top mobile data consuming nation. While many of those would be for useless chitchat, India has a real opportunity to move education, governance, healthcare and many other sectors into a data heavy application rich future.Tapping India’s human capital world wide.Unlike many other developing countries, India’s growth is not built on exports (those are fickle and dependent on vagaries of world trade) nor on raw materials. It is built on human capital • in sectors such as software, jewellery, automobiles, petrochemicals etc and primarily driven on local consumption. This aspect could get it through the middle income trap better than many other developing countries.India has built a huge network of professionals who lead world’s top companies and this is a strength India has slowly started to tap now: Google India: Ruling The InternetMany global companies including Microsoft, Google, Form 8812 , FedEx, DBS, Diageo, Deutsche Bank, Mastercard have Indian educated CEOs. It would be hard to find many global companies without Indian executives.Their expertise, their closeness and their familiarity with Indian conditions would help India build far more talent for the industries of the future.Rebuilding India’s infrastructure:We all know that India’s infrastructure sucks and drags down the country. What is being done on that? India is planning to build 83,000 km of roads. It has taken the biggest infrastructure push ever, by building a huge network of roads (What is Bharatmala project?), rails (These two freight corridors will change the way India transports goods) and metro trains across the country.In another decade, almost every major city will have its own viable metro train system, an expressway and those would free our cities considerably to do economic explosion. 15 more cities are going to have metro rails soon • 15 more cities will soon have metro rail in India • and we will be second only to China in having the longest and most numerous metro transit network.The weight of all this new infrastructure will be apparent only a decade from now. Already you can see early effects of these when you land in Bangalore airport, take Delhi metro or drive Mumbai-Pune expressway. And it is getting better: India Roads & Highways Sector Forecast to Grow at CAGR 36% till 2025Focus on the basics and core, to consolidate the advantage:Historically, India was quite adept at doing the hard things and missing the simple things. It was the only country to send an object to Mars on the first try, but it was poor at building toilets. Its education institutions could produce students would go on to lead companies like Microsoft, Google & FedEx, but it failed on basic literacy.However, in the past few years India has been fixing the basics too • with record increases in toilets, electricity connections and rural roads.Unlike many other developing countries India doesn’t have very many external threats, external debts, demographic crisis or huge political uncertainties. It has a well oiled political system (chaotic as it may appear from outside it is a solid democracy) that is fairly stable. It is poor political systems and over dependence on raw materials that brought down many promising developing economies like Brazil, Mexico, Argentina, Malaysia, Venezuela etc. India doesn’t have those.Get the population healthyBeing a densely populated tropical country, India has had its share of epidemics and diseases. However, many states in India are now focusing on health. India has taken a huge push to be healthy with major measures:HIV Cases Halved Since 2022. How India Plans To Become AIDS-Free by 2024How India managed to defeat polioSharp decline in malaria in India as cases rise globally: WHO reportCan India eliminate TB by 2025?Life expectancy in India has increased by 11 years since 1990India is not only getting healthy, but is also working hard to become a key healthcare hub for the world • 4 things to know about India's next crown jewel, Medical Tourism • if you were treated by an Indian doctor in US or UK, you might already know that India produces great doctors. It is time to convert that advantage and replicate the IT services success. Some case studies:Narayana Hrudayalaya: A Model for Accessible, Affordable Health Care? - Knowledge@WhartonHow India became a leader in low-cost, high-quality eye careWhat is done for pollution?India is among the most polluted nations in the world now. No doubts about that. Every developed economy was seriously polluted when they were growing. Dickensian England was filled with smoke. Japan in the lead up to the World War was bellowing smoke and waste. New York was filled with horse shit. Every great economy including Europe, US, Japan and China went through their phase of pollution.What is being done now for future?India is not only meeting clean energy targets, but is beating so handsomely that it had to revise its ambitious targets upward • India Increases Its Massive 2022 Renewable Energy Target By 28%. India is cancelling many of the coal projects now • India coal plant cancellations are coming faster than expected.Cooking with dung & wood is a big cause of pollution Indian cook-stoves are contributing heavily to air pollution • and there is a big push on clean cooking gas. A record leap: LPG cylinder now used by 89% households in India. It will take a while for this to become a habit and completely wipe out old cooking habits.As I told before India is completely electrifying its tracks and moving a lot of the people and goods through tracks with growth in metro transits and dedicated freight corridors. The roads are also getting better and that would reduce the road dust. Clean electricity? Full transit on electric? Everybody taking rails.India is rapidly curbing its usage of disposable plastic • Why India Passed One Of The World’s Toughest Anti-Plastic LawsYou will not see effect of all these immediately, as rapid growth would appear to neutralise some of these measures. But, over time the growth will prmore resources and things will improve.What factors help India in avoiding a middle income trap?It is not too dependent on producing raw materials. Big swing in commodity prices have screwed emerging economies like Russia, South Africa, Brazil and Malaysia.Its growth is not too dependent on world trade. Global trade goes through period of huge swings and we are entering a phase with trade wars. This had historically impacted trade oriented countries in South East Asia. China also is suffering from trade wars. Most of India’s economy is local consumption driven.Its political system is quite stable. Unstable politics had screwed promising economies like Venezuela, Iran, Libya, Mexico, Argentina etc. While most emerging economies start in dictatorship and look to transition to democracy as they get developed, India has already prepaid its due and has nothing to change in political system.It is rise is not seen with worry by major powers. When communist nations got richer, the capitalist nations got worried and led to regime toppling etc. As China got rich, US got nervous and trade war started. India doesn’t have powerful enemies who will look to block its rise.Its demographics have not been skewed by rapidly falling fertility rates. China’s population might age faster than it could get developed.Summary:In summary, India has started fixing the basics and there has been a huge stride in many key sectors • from dropping AIDS infections to improving financial inclusion that successive governments have done. Key reforms like Aadhar and GST have come, and from nowhere India is leading the world in mobile data usage that could have major implication on access to key services. There is a huge growth in infrastructure and in every key sector India is showing long term progress.Growth is at the top of major economies (Q2 growth slows to 7.1%, but India still leads world)FDI is at record levels (With $38 billion FDI in 2022. India pips China for the first time in 20 years)The only country in the South Asia and one of the few developing countries (India’s First Moody’s Upgrade in 14 Years Bets on Reforms) with good credit ratingThere is a huge new push on industrialisation • An industrial policy to create investments worth $100 billion? Modi plans big move ahead of polls.While there could be short term hiccups caused due to banking sector NPA etc, in the long term India’s future looks quite bright due to the investment in underlying roots as can be seen from the data above. You cannot see all of that from the surface, but you are going to see the full weight of progress over the next 2 decades.The woods are lovely, dark and deep,But I have promises to keep,And miles to go before I sleep,And miles to go before I sleep—Robert Frost
I know a family of five which made $45k in 2022 and the same amount in 2022. For the fiscal year of 2022. they have received $8k in tax returns but in 2022. they will receive $2.7k. This probably happened due to Trump’s tax cuts. Wasn’t it unfair?
We can’t answer this because we don’t know all the facts. How much percentage of their $45K did they pay in during 2022 that was taken out of their checks each pay period and how much did they pay during 2022 that was taken out of their checks each pay period? Without knowing this, there is no way to know whether they paid more taxes in 2022 or 2022 from the information you have provided.Also, do they live in a VERY high tax state that all of us who live in other states were subsidizing for them by giving them part of our money on their federal taxes to pay them back for how much they paid to their state? If you want to know what is unfair .. THAT was very unfair in past years. If this is the case, they need to start lobbying in their state for lower taxes, instead of expecting the rest of us to pay those taxes for them.Just as a point of reference, I make a little more than that (not a lot, I’m a teacher) and I am paying much less taxes in 2022 than 2017.
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