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Top 10 tax deductions to claim in 2023

Top 10 tax deductions to claim in 2023

The IRS offers ways to save money on taxes each year in the form of tax deductions and credits. Tax deduction works by lowering the taxable income and reducing the tax liability. This deduction is subtracted from the income, lowering the taxable income and reducing the final tax bill. It can be claimed in two ways – standard or itemized deductions. While there are many deductions to choose from, here are the ten most popular options.

Charitable donations deduction
Individuals who donated in cash or kind to 501(c)3 organizations during the tax year may claim a deduction on their federal tax returns.

Gambling loss deduction
This deduction requires itemized reporting of all winning as taxable income. The losses and expenses covered here are deductible only to the extent of gambling winnings.

Student loan interest deduction
Those who paid interest for a qualified student loan in 2022 (for themselves or dependents), or are legally required to pay interest, may claim up to $2500 in tax deductions for the financial year.

Medical expenses deduction
Qualified, unreimbursed medical expenses worth more than 7.5% of the adjusted gross income for the taxable year can be deducted. These must be reported as itemized deductions on IRS Schedule A.

Deduction for state and local taxes
For a combination of property taxes and either state or local income and sales taxes, up to $10,000 may be deducted from the taxable income.

Mortgage interest deduction
For qualifying homeowners, home mortgage interest on the first $750,000 may be claimed as a deduction. This aims to make homeownership more affordable.

Health savings account contributions deduction
A tax deduction can be claimed for any contributions made to HSA, up to $7500 for self-only coverage. When claimed for qualified medical expenditures, these withdrawals are tax-free too.

Educator expenses deduction
School teachers and other eligible educators spending on books, technology, computer software, and other classroom supplies can claim up to $300 in tax deductions.

IRA contributions deduction
Contributions made to a traditional IRA may be deducted. This value depends on one’s income and the retirement coverage offered by their workplace.

401(k) contributions deduction
Payments made to a 401(k) account can reduce tax liability, as this amount is not taxed by the IRS. The limit for this account changes each year. In 2023, the maximum contribution allowed is $22,500 for individuals under 50.

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Pain management: 6 natural remedies and foods to eat

Pain management: 6 natural remedies and foods to eat

While taking medications for any pain, like backache, toothache, or headache, might offer instant relief, you should know that they often have some long-term side effects. As an alternative, some simple home remedies and certain foods can help alleviate pain. The natural treatment options and foods mentioned below are effective ways to manage pain. That said, it is advisable to seek medical advice before you make any lifestyle changes. Hot water bath This is an excellent therapy to alleviate pain affecting the bones, muscles, and tendons. Soaking in hot water helps relieve joint aches and lower back pain. If the pain results from anal fissures, open sores, or hemorrhoids, soaking the hindquarters in warm water can relieve irritation, itching, and spasms in the sphincter muscle. Doing this twice or thrice a day is best for effective pain management. You can also add a few tablespoons of Epsom salt to the water. Epsom salt helps with muscle aches by relaxing tense muscles and reducing inflammation. Turmeric Turmeric is often used to add flavor and yellow color to dishes. It is an excellent home ready to alleviate pain, as it contains curcumin, an antioxidant that protects the body from damage-causing free radicals.

Treatment for eye conditions

Taking care of one’s eye health is very important and it is never too late to do so. One can start taking special care of their eyes even after they begin to feel any discomfort. However, it is always better to start early. There is no better way to prevent eye-related issues than to regularly visit an ophthalmologist for check-ups and treat any condition before it can become serious. Treatments for eye conditions There are many different kinds of eye-related disorders and they require separate medical treatments. Let us look at some of the most common issues and how to treat them: Cataracts It is one of the most common conditions. It results in cloudy areas in the eyes’ lens, making one’s vision blurry. During the early stages, brighter lights, new eyeglasses, or magnifying lenses can be helpful. However, if the condition becomes more serious, then one’s eye lenses have to be replaced with artificial ones. Glaucoma If one has glaucoma that means that the optic nerve in the eye is damaged. The condition can get worse with time and can lead to blindness if left untreated. However, this condition can be cured effectively. There are multiple treatment options available.

Treatment and home remedies for arthritis

There are almost a hundred kinds of joint pain or arthritis; each with a varying reason and treatment technique. Two of the most recognized types are rheumatoid joint inflammation and osteoarthritis. Even so, apart from the usual treatments, you can deal with the pain in the following ways: Undertake water-based exercises Aquatic activities are advantageous for all kinds of age groups. It is particularly useful for individuals who have joint pain, which is characterized by arthritis. The purpose of it is that water helps with resistance, which can help you with increasing the power of activity without feeling a lot of weight around then. Moreover, it additionally gives you the lightness or buoyancy in the water, which helps you support the body weight. This aids in diminishing weight on the joints making it very helpful for individuals who are experiencing joint pain. Keep your weight balanced As per a study done by Arthritis Foundation, each pound of the weight in the body can add up to three extra pounds of stress on the knees. Additionally, it adds up six pounds of extra pressure on the hip joints. This pressure can get extremely difficult to take, and hence it can result in the cartilage breaking.

Cold, flu, cough, and virus – Treatment and home remedies

Cold, flu, cough, and virus, terms often used together, are usually used to refer to an infection caused by viruses. Cold and cough are usually symptoms of the flu caused by a virus and are accompanied by some other symptoms such as sore throat, runny nose, and congestion. Usually, to treat cold, flu, cough, and virus infections, over-the-counter medications are prescribed. Treatment plans There are no medications that can cure a cold or flu caused by viruses. Even antibiotics cannot help against cold-causing viruses and, hence, should not be taken until there are chances of a bacterial infection. Since there is no cure for the virus, the treatment usually aims at relieving the symptoms. These include the following: Pain killers Sore throat, headache, and body ache are common symptoms of the flu caused by virus. Therefore, many people look for pain relievers while they are sick. However, there are a lot of precautions that you need to take while using pain relievers, especially when giving it to children or teenagers. They can cause side-effects and make the condition worse in some cases. Nasal sprays Nasal congestion is another common symptom experienced during flu. Therefore, many adults are prescribed nasal drops or sprays for five days to free the nasal passage from congestion.

Tips to choose the right pair of sunglasses

Finding the ideal pair of sunglasses is not easy in most cases. Earlier, making the right choice was all about the style of the frame and color of the glasses. But today, with advanced technology, there are several things to consider that go way beyond appearance. Before you go shopping for sunglasses, take a look at a few tips that will help you select the right one. Look for a customizable fit Gone are the days when you struggled to keep your sunglasses on your face as you can now get options with an adjustable fit. Take a pair of black Oakley® KATO sunglasses with Prizm™ lens technology, for example. It has nose pads, a tilt feature, and an ergonomic design for an exact fit. If this particular choice is outside your budget, look for these little features before you order a new pair of sunglasses. UVA and UVB protection are a must This one is a no-brainer since you will be spending a substantial amount of time outdoors wearing your sunglasses. So, choose the pair with maximum ultraviolet protection. This will prevent the harmful rays of the sun from damaging your eyes. Avoid buying glasses that don’t have a tag highlighting the UV-protection information.