Medical expenses can be a major tax deduction, but only if they go over 7.5% of your adjusted gross income, which is ...

W ith tax season officially underway, you'll need to know the standard deduction amount you can claim for 2024. After all, most taxpayers opt to take the standard deduction rather ...

The Congressional Budget Office (CBO) recently released its Options for Reducing the Deficit, outlining a number ...

The U.S. tax code may be notoriously complex, but understanding some basic terms can help you breeze through your tax return ...

The 2025 tax filing season is underway, and there are several tax benefits that can help homeowners save money this year.

However, you can claim a travel deduction if you leave on a trip in one year and return the next year. For example, you may leave on a trip in December and come back in January. If you receive ...

However, if you have a lot of expenses that might qualify as itemized deductions, you might consider that option to see if you save more money. For example, if you have a mortgage, pay high ...

For example, if you owed $2,500 on your tax ... Tax deductions can work both as above-the-line deductions or as itemized deductions. Above-the-line deductions are applied to your adjusted gross ...

Though the major tax relief is likely to be announced for the new tax regime, taxpayers need to know the current deductions available under the old tax regime. Here’s a comprehensive guide to the key ...

Additionally, there is a tax deduction of up to Rs 50,000 under Section 80CCD(1B), on top of the Rs 1.5 lakh limit under Section 80CCE. A significant change announced in the 2024 Budget is the ...

The Guyana Court of Appeal yesterday rejected the State’s attempt to stay an order mandating the deduction and remittance of union dues to the GTU. Following a strike by teachers last year ...

Changes to the income tax rules now deny income tax deductions related to non-compliant short-term rentals after 2023. If you rented out a residential property for short periods, these changes may ...