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Morris Blankenship Accounting

Morris Blankenship Accounting Morris Blankenship Accounting Morris Blankenship Accounting

(256) 489-7900

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    • Home
    • Services
    • Resources
    • Meet the Partners
    • Contact Us
    • News & Tips
    • PORTAL

(256) 489-7900

Morris Blankenship Accounting

Morris Blankenship Accounting Morris Blankenship Accounting Morris Blankenship Accounting
  • Home
  • Services
  • Resources
  • Meet the Partners
  • Contact Us
  • News & Tips
  • PORTAL

what's new?

Retroactive to 2024 Tax Deductions

Selected Expired Individual & Business Tax Items

Selected Expired Individual & Business Tax Items

For qualifying individuals, a deductible IRA contribution of up to $7,000 per person ($8,000 if over 49) can be made by April 15, 2025 and be deducted on your 2024 return.


Individuals with qualified health savings plans can make a health savings account deposit of up to $4,150 single or $8,300 for family coverage by April 15, 2025 and deduct it on your 2024 tax return.

Selected Expired Individual & Business Tax Items

Selected Expired Individual & Business Tax Items

Selected Expired Individual & Business Tax Items

At the end of 2021, many existing tax rules expired due to the current political climate.  The following are a few of the changes for 2022 and forward:

  • The one year increase in the child tax credit expired.  The credit reverted back to $2,000 (from $3,000); reduced the age back to under 17 (from under 18); is no longer fully refundable ($1

At the end of 2021, many existing tax rules expired due to the current political climate.  The following are a few of the changes for 2022 and forward:

  • The one year increase in the child tax credit expired.  The credit reverted back to $2,000 (from $3,000); reduced the age back to under 17 (from under 18); is no longer fully refundable ($1,400 max); and reverts back to lower income phaseouts.
  • The $600 non-itemizer charitable deduction amount expired at the end of 2021.
  • The one year increase to the earned income credit for taxpayers without children and for older and younger Americans reverts back to 2020 rules.
  • The 1099-K reporting threshold of $20,000 for 2021 has been dropped to $600 for 2022.
  • Full expensing of R&D costs changes from 2021 to a 5 year amortizing asset deduction in 2022.

Qualified Business Income Deduction

Selected Expired Individual & Business Tax Items

Qualified Business Income Deduction

Many small businesses can reduce their taxable income by 20% under Section 199A.  This deduction is available regardless if you itemize deductions on Schedule A or take the standard deduction.  However, take caution that not all businesses qualify.  Give us a call to find out if you qualify for this helpful deduction!

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