President Donald Trump and House Speaker Mike Johnson are working on creating a new tax deduction for interest paid on auto ...

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 ...

Where you live can have a direct impact on your tax burden. While federal tax deductions remain consistent nationwide, ...

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

In our previous blog post on the 2025 Heckerling Institute on Estate Planning, we highlighted the concept of purpose trusts, ...

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 ...

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

The standard deduction is the specific dollar amount, set each year by the IRS, that lowers the sum of your taxable income if you do not itemize deductions on your return. For 2024 tax returns, the ...

According to The New York Times, on his popular reality show "The Apprentice," Trump's business claimed $70,000 in hairstyling expenses as tax deductions. Additionally, Trump deducted at least $ ...

Taxpayers must choose between standard and itemized deductions: Standard deduction: Reduces taxable income by a certain amount Itemized deductions: Reduces taxable income based on a list of ...

This is in large part because the standard deduction is $15,000 per person ... income by $50,000 to upwards of $100,000 through itemized deductions. With tax season coming up, is this something ...

Home office deductions Small-business owners may be able to claim home office tax deductions if they work from home. However, this deduction can come with complications. "Especially with today's ...