The standard deduction nearly doubled as a result of the Tax Cuts and Jobs Act, which went into effect in 2018. For taxes ...

Finance Minister Nirmala Sitharaman has made a big announcement regarding income tax. She has made income up to Rs 12 lakh ...

Each year the Internal Revenue Service (IRS) sets new income thresholds for the various tax brackets to keep up with inflation. The IRS increased the threshold for each tax tier b ...

Very few people like tax season, but missing out on valuable deductions could mean leaving money on the table. Many taxpayers ...

Tax filing season has begun. The Internal Revenue Service has information for people who are already filing their returns.

“Finance Minister Nirmala Sitharaman, in Budget 2025, retained the standard deduction benefit for salaried individuals and ...

There were rumours that the government might hike the amount of standard deduction available to give tax relief to the middle ...

The standard deduction allows taxpayers to reduce taxable income without proof. Introduced in 1974 and abolished in 2005, it ...

With the Union Budget 2025 set to be presented on February 1, Finance Minister Nirmala Sitharaman faces mounting expectations ...

A nonrefundable credit can reduce your tax liability to zero but not below that. Refundable credits can reduce your liability ...

"The mortgage interest tax deduction is a [tax benefit that] allows you to subtract the interest paid on your home loan from ...

The 2024 mileage rate for use of your vehicle to do volunteer work for certain charitable organizations is 14 cents a mile.