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, ...

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

NEXT explains that if you're an independent contractor, it's your job to pay taxes on your own—and you'll want as many 1099 ...

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

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

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

There are some tax advantages that come with homeownership. Here's what to know and when you might want to consult a pro.

Here are six common homeowner tax deductions to note. Mortgage discount points are fees paid to lenders at closing for the purpose of reducing a loan's interest rate. The IRS allows deduction of ...

The IRS allows you to deduct either state income tax ... It's a small but often overlooked way to lower your tax bill. Student loan interest paid by someone else If someone else — like a parent ...

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 ...

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