If you’re not sure which ones you may qualify for, here are some common deductions and credits new tax return filers can take ...

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

For as long as Americans have paid federal income taxes, they’ve been able to subtract some of what they pay to their state and local governments from their taxable income. This federal deduction for ...

Taking tax advice from TikTok can come back to bite you, experts say. The IRS is cracking down on "other withholding" claims.

On the most basic level, artists who may not earn much or any of their income from the sale of their artistic output need to prove to the IRS that they are professionals and not just dilettantes.

Here’s a breakdown of what you can still claim under the revamped system. Deductions For salaried individuals who opt for the new tax regime, there’s a standard deduction of ₹ 75,000 ...

The home office deduction allows eligible taxpayers to reduce their tax obligation by writing off their workspace as a legitimate business expense. In most cases, the home office deduction applies ...

Itemizing your taxes is great when you are a homeowner. As you file taxes for the 2024 tax year, there are some deductions ...

filing status and any tax credits or deductions for which you qualify. You pay your federal income tax liability through withholding from your paycheck, estimated tax payments (usually if you’re ...

Additionally, salaried taxpayers will benefit from a Rs 75,000 standard deduction, effectively raising the tax-free threshold to Rs 12.75 lakh. The revised tax structure also introduces a 25% tax ...

Raising the limit on state and local tax deductions significantly would save most lower- and middle-class taxpayers anywhere from nothing to a few hundred dollars, a new study from the nonpartisan Tax ...

it is distinct from tax exemptions or deductions. A tax rebate serves as a form of tax relief specifically aimed at individuals, especially those with lower incomes, to prevent them from being ...