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

These rates apply to your taxable income. Your taxable income is your income after various deductions, credits, and exemptions have been applied. There are also various tax credits, deductions and ...

Being in business for yourself can be exciting, lucrative, and a great way to draw the attention of the IRS's audit division.

There are certain situations where personal loan interest is tax deductible, like if the loan funds went toward certain business or education expenses. Finding personal loans with lower interest rates ...

LegalZoom explains why owners should still file a federal tax return even if their LLC did not do any business in the ...

Roughly 37% of filers qualify. 1. The home office deduction If you work from your home or use part of it in your business, then self-employment tax deductions like this one could get you a break ...

Banking app Chime* has also launched a free in-app tax filing program that allows users to itemize deductions and file state and federal returns. According to Chime, members who file through the ...

Section 80-IA grants deductions on profits earned from certain business activities. Its purpose is to incentivize investment in infrastructure and specific industries by providing tax benefits.

Tax Season 2025: How long will it take to get your refund after filing your return? The standard deduction is a fixed amount you can subtract from your income to reduce the portion that is taxed.

Historically, long-term investments and critical insurance have merited tax deductions. In the last five years after deductions were decoupled from income tax, the trends indicate a decline in life ...

Alimony (if divorce decree is 2018 or earlier) If you are self-employed or own a small business, you may be eligible for other tax deductions including home office deductions and reimbursement for ...

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 ...