Whats going on in the World

DEMOCRATS:
.
IMG_4246.gif
 

The average federal tax refund reached nearly $3,800, an 8.8% jump over the same week last year, according to Internal Revenue Service data. The government has processed more than 36 million refunds so far this season, totalling over $136 billion.

Refunds were projected to be higher this year thanks to provisions in the One Big Beautiful Bill, which makes new tax breaks available to millions of Americans. Major changes include new deductions on overtime pay and tips, a vastly expanded deduction for state and local taxes, and a bigger standard deduction — $31,500 for a married couple.


The vast majority of Americans claim the standard deduction instead of itemizing deductions. But it’s worth revisiting whether you’d benefit more from itemizing, especially if you’re a homeowner.

Those who bought in recent years typically have higher mortgage rates — they’ve averaged around 6.69% in the last two years, according to Freddie Mac data. And you pay more in interest in the first years of a mortgage. All that can make the mortgage interest deduction extremely valuable. If you live in a high-tax state, combine that with the jumbo-sized SALT deduction, and those benefits together could easily add up to more than the standard deduction.
 

Latest posts

Members online

Total: 2,090 (members: 9, guests: 2,081)

Latest posts

Fishing Reports

Latest articles

Latest posts

Back
Top