Important Tax Updates

EDUCATOR EXPENSE TAX DEDUCTION

  • Teachers and other educators were able to deduct up to $300 of out-of-pocket classroom expenses for 2022. You cannot deduct classroom expenses if you have been reimbursed for them.  You must have receipts to support all deductions.

MINIMUM AGE FOR DISTRIBUTIONS MADE DURING WORKING RETIREMENT

  • Distributions can be made from certain qualified pensions to workers who are 59 ½ or older and are still currently working.

QUALIFIED PLUG-IN ELECTRIC DRIVE CAR & CHARGING STATION

  • You may be able to take a credit for a qualified plug-in electric car and alternative fuel vehicle refueling station you purchased. This credit extends through 2032.

RESIDENTIAL (Non-Business) ENERGY-EFFICIENT PROPERTY

  • Federal tax credits for certain residential energy-efficient improvements (insulation, exterior doors, windows and certain roofs) and residential energy property costs (qualifying heat pumps; gas, propane or oil hot water boilers; air conditioning systems; gas, propane or oil furnaces and fans; and certain non-solar water heaters) to existing homes have been extended through December 31, 2032. 
Loading