Millions of taxpayers face paying more income tax due to frozen tax allowances. We explain how income tax is calculated.

Tax calculation: In Budget 2025, the Finance Minister announced that no income tax is payable up to an annual income of Rs 12 lakh, providing a tax rebate for individuals earning up to this amount.

In a fair tax system, everyone pays their fair share, no one pays more than they can afford, and the government raises enough ...

Zero tax: Last week, Finance Minister Nirmala Sitharaman unveiled much-anticipated revisions to the personal income tax structure with the aim of alleviating the tax burden on the middle class ...

That, in turn, is based on your taxable income and filing status. But there are several ways you can lower your taxable income without taking a pay cut — from putting more into retirement to ...

The federal earned income tax credit celebrates 50th anniversary. Yet, IRS estimates one in five eligible taxpayers miss out ...

During the campaign, President Donald Trump floated an “all tariff policy” he said would replace federal income tax. Here’s ...

Georgia lawmakers might exempt college athletes' NIL deals from state income tax. Former Alabama coach Nick Saban had a role ...

What is the Earned Income Tax Credit? The earned income tax credit (EITC) is a federal tax break for low- and moderate-income workers with or without children. Also known as the earned income ...

The IRS treats interest earned on money in a savings account as taxable income. Your financial institution issues a 1099-INT form if you earned at least $10 in interest in the previous tax year.

This reporting change will give the IRS a clearer picture of how much you earned in untaxed income this year to help ensure you pay your taxes properly. For the 2025 tax year, the threshold will ...