Every year, millions of American taxpayers must choose whether to take the standard deduction the Internal Revenue Service (IRS) offers or to claim itemized deductions to maximize tax savings.

That means, the person who earned $50,000 and contributed $5,000 to her 401(k) will pay taxes on $30,000 ($50,000 minus the $15,000 standard deduction minus the $5,000 retirement contribution ...

Tax season 2025 is here. Many Americans are starting to think about preparing returns. Some of us are putting it off. Here ...

Consider grouping multiple years’ donations into 2024 to maximize your itemized deductions this year while using the standard deduction in future years. Charitable donation vehicles like donor ...

With the new tax regime (NTR) becoming the default regime lately, several taxpayers are anxious about having lost the eligibility to claim deduction. What, however, is not known to many people is ...

Every filing season, millions of taxpayers miss out on the opportunity to maximize their tax refunds—leaving billions of dollars in unclaimed tax credits and deductions on the table. Despite ...

162(m)(3)(C), added by the American Rescue Plan Act of 2021 (ARPA), P.L. 117-2, that expands the Sec. 162(m) annual deduction limitation for employees paid over $1 million to additional employees. Sec ...

an above-the-line deduction or an itemized deduction for unreimbursed job expenses for W-2 income. Tax reform eliminated the itemized deduction option when the Tax Cuts and Jobs Act (TCJA ...

And after Everton and Forest were both handed points deductions last season, clubs are on edge fearing further repercussions. Big-spending Chelsea may have been allowed to include the £76m sale ...

Internal Revenue Service. “Publication 936, Home Mortgage Interest Deduction.” Internal Revenue Service. “Schedule A: Itemized Deductions.” Congressional Research Service. "Reference Table ...

"Now, with rates at 6%, new homeowners are paying out some of the highest mortgage interest I have seen as a preparer. Itemized deductions over the standard is the smarter choice." ...

For many Americans, tax season can feel like a maze of forms, deductions and confusing jargon. Even for those who are veteran filers, taxes aren't always an easy feat. One of the many tax terms ...