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In 2025, the threshold increases to $197,950 or $394,600 for joint filers, he added.
While this deduction should be automatically captured by most tax software, its worth planning ahead for.
This deduction also applies to Medicare premiums, he added.
However, you might be surprised what you’ve got the option to deduct in this regard.
However, youre allowed to deduct half of that on your return, said Weisberg.
But you dont want to overestimate the effects of this and other deductions either.
As Weisberg added, many people end up paying penalties due not paying or properly accounting for estimated taxes.
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