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 ...

Plus: Trump tariffs, beneficial ownership information (BOI) reporting, Earned Income Tax Credit, student loan interest ...

“The benefits of the deduction go primarily to high-income taxpayers because high-income taxpayers tend to itemize more often ...

According to the National Centers for Environmental Information, 403 weather and climate disasters that cost at least $1 ...

Tax credits are often more valuable compared to deductions because they directly reduce your tax bill dollar-for-dollar.

The mortgage tax break is one of the most common. It enables you to deduct the home mortgage interest on the first $750,000 ...

The majority of all U.S. tax filers typically do get a refund, which the IRS usually issues within 21 days of accepting your return. But the agency notes on its site that if you are claiming an Earned ...

After being eliminated for several years, the standard deduction provision was reinstated in the 2018 budget announcement. Under Section 16 of the Income Tax Act of 1961, it was initially ...

India's Income Tax Act is a complex web of sections offering deductions to taxpayers. These deductions help reduce your taxable income, and therefore, your tax liability. One such section is 80-IA ...

Your payday could get a bump this year now that the Internal Revenue Service's updated income tax brackets and higher standard deductions have taken effect. Depending on your income level ...

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 ...

Also, if you meet certain criteria, you can avoid capital ... alimony under such an agreement, you cannot deduct the payments from your income tax. However, state tax treatment of alimony may ...