The U.S. tax code does not allow taxpayers to deduct penalties assessed by the Internal Revenue Service. However, they may ...

Since we withdrew money from our 401(k), we expect to owe the IRS money this year. However, by itemizing and deducting the interest paid on our mortgage debt, along with several additional tax breaks, ...

Looking ahead to your 2025 taxes and wondering about standard tax deduction amounts for each filing status? Here's what's ...

Is car loan interest tax deductible for you? Discover the rules, who qualifies and how to maximize this potential tax break.

If you had substantial health care expenditures last year, you may be able to deduct some of them from your taxable income.

“There are two valuable credits that the IRS reports one out of five people miss every year. The Earned Income Tax Credit is ...

Health premiums for employer-sponsored plans typically aren’t tax deductible, but in some cases, medical costs can lower your taxable income. Learn more about the IRS rules. Is interest paid on ...

With tax season here, understanding whether to itemize deductions or take the standard deduction can help you maximize ...

The Alternative Minimum Tax (AMT) is a parallel income tax system designed to ensure that high-income individuals pay a ...

Tax Day for the 2024-2025 tax year is Tuesday, April 15, 2025. The IRS has approved some unusual deductions ... in the amount of taxes you have to pay out. And every tax break has a corresponding ...

Another big one is mortgage interest ... The most recent IRS data shows only about 9% of taxpayers itemized deductions in tax year 2022. Ultimately, the standard deduction may be your best ...