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Stretch Your Dollar | As Tax Day nears, new deductions could help some Americans lower their bill [Yahoo! Finance]

PayPal Holdings, Inc. (PYPL) 
Last paypal holdings, inc. earnings: 1/29 04:15 pm Check Earnings Report
US:NASDAQ Investor Relations: investor.paypal-corp.com
Company Research Source: Yahoo! Finance
Officials with the Internal Revenue Service say several updates this tax season could offer relief, depending on income and eligibility. Among the changes: Seniors age 65 and older may be eligible for an additional deduction of up to $6,000, or $12,000 for married couples filing jointly. Tipped workers can deduct up to $25,000 in qualified tip income. Overtime pay may be deductible up to $12,500. Car loan interest, up to $10,000, may be deductible for certain new vehicles assembled in the United States and used for personal purposes. DC Public Libraries hosting tax filing sessions Experts caution that many of these deductions phase out at higher income levels, meaning some taxpayers may only qualify for a portion or none at all. Beyond new deductions, tax professionals said one of the biggest mistakes taxpayers make is failing to report all sources of income, especially as more Americans earn money through gig work or digital payment platforms like Venmo or PayPal. Show less Read more
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