A deduction to defray homeowners’ state income taxes and local property taxes is getting much more generous, following fierce debate among lawmakers in Washington. The focus on the write-off is now ...

The AICPA asked the IRS and Treasury to provide guidance on the reporting and substantiation requirements for deductions of qualified tips and overtime pay allowed under the sweeping new tax law, ...

Knowing which expenses your LLC can deduct is fundamental to maintaining healthy business finances. Every legitimate business expense you properly document and deduct reduces your taxable income, ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Photo by JIM WATSON/AFP via Getty ...

The Internal Revenue Service Thursday released the updated tax brackets for the 2026 tax year. Changes to the standard deduction, earned income tax credit, estate tax credit, and more were also ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...

OHIO, USA — Ohio lawmakers just introduced a bill that will allow people to deduct certain donations to churches from their state income taxes. House Bill 444 is called the Tithing Protection Act. "As ...

This week’s Tax Breaks newsletter also looks at fantasy football winnings, car-related tax deductions, stock options, IRS Chief Counsel nod, Taylor Swift tax, tax filing deadlines, and tax trivia.

Compare what you paid in sales tax to your state and local taxes. Deduct the larger of the two. But there's a catch. Many, or all, of the products featured on this page are from our advertising ...

Until enactment of the One Big Beautiful Bill Act, officially P.L. 119-21, the availability of a below-the-line deduction that was not the standard deduction or an itemized deduction was a rare event.