by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Most taxpayers can no longer deduct moving expenses. The One Big Beautiful Bill Act permanently eliminated the employee moving expense deduction for civilians, except for two groups: Active‑duty U.S. Armed Forces members moving under military orders U.S. intelligence...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Alimony refers to payments made to or for a spouse or former spouse under a divorce or separation instrument. Only payments that meet specific requirements qualify as alimony for tax purposes. Voluntary payments not required by an instrument do not qualify. Not all...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
Education‑Related Adjustments Education‑related adjustments reduce AGI and are available even if the taxpayer does not itemize. Two primary adjustments are the educator expense deduction and the student loan interest deduction. Educator Expenses An eligible educator...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
An Individual Retirement Arrangement (IRA) is a tax‑favored personal savings vehicle that allows individuals to set aside money for retirement. Taxpayers may contribute to traditional IRAs or Roth IRAs, subject to annual limits and eligibility rules. IRA Contribution...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
A Health Savings Account (HSA) is a tax‑favored account used to pay or reimburse qualified medical expenses for the account beneficiary, spouse, or dependents. An HSA must be established with a qualified trustee and is available only to individuals covered by a High...
