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Business & farm
In addition to what was already mentioned, the amount of deduction won't be determined until you prepare your 1040, as there are phaseouts to this deduction.
In tax year 2021, the phaseout begins at $340,100 for married couples filing jointly, $170,050 for married individuals filing separately, and $170,050 for all others. It ends at $440,100 for married couples filing jointly, $220,050 for married individuals filing separately, and $220,050 for all others.
‎January 23, 2022
7:38 PM