Search Results: keywords:"above-the-line deduction"

  • H. R. 6699 — To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for attorney fees and costs in connection with consumer claim awards.
    Status:Introduced in House
    Words:760

    H.R. 6699 aims to change the Internal Revenue Code of 1986 to allow a tax deduction specifically for attorney fees and costs connected to consumer claim awards. This deduction would apply when consumers win claims related to violations of consumer protection laws, like unfair...

    Simple Explanation

    H.R. 6699 is a plan to let people get a tax break if they pay lawyers to help them win when companies do something sneaky or wrong. This means if someone uses a lawyer to fix a problem with unfair business tricks, they can save some money on taxes.

  • H. R. 9465 — To amend the Internal Revenue Code of 1986 to establish an above-the-line tax deduction for seniors.
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    Status:Introduced in House
    Words:610

    The bill, H.R. 9465, aims to amend the Internal Revenue Code of 1986 to create a new tax deduction for seniors. Seniors aged 65 or older can claim a deduction of up to $25,000, which decreases if their adjusted gross income exceeds $100,000. For joint returns or surviving spouses, the limits...

    Simple Explanation

    The bill aims to help people aged 65 or older by letting them save money on taxes if they make less than a certain amount each year, but it's a bit tricky, and the rules stop after a few years.