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.
- Business Owners and Self-Employed Individuals can temporarily take a 100% business expense deduction for meals provided by a restaurant. This is effective for expenses incurred after December 31, 2020 (but will expire at the end of 2022).
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. For certain construction and building trades workers, the age is lowered to 55.
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.
PERMANENT TAX EXTENDERS
- Reimbursed medical expenses that exceed 7.5% of adjusted gross income can be deducted (previously 10%).
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.