The standard deduction is bigger than ever, itemizing rules have changed, and new deductions complicate matters. Here’s how ...
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What are itemized deductions? Full guide to maximizing your tax break
The IRS allows you to claim deductions that reduce the amount of tax you owe. Those deductions either are itemized deductions ...
Question: Is it worth going through the effort of adding up all my out-of-pocket medical expenses, charitable contributions and other items or should I just take the standard deduction for 2024?
On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law, which had narrowly passed through the United States Congress. The OBBBA makes permanent certain tax provisions ...
President Donald Trump’s One Big Beautiful Bill Act (OBBBA) raised the state and local tax (SALT) cap deduction to $40,000 from the previous $10,000, as previously reported by GOBankingRates. For ...
Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...
Congress enacted the alternative minimum tax (AMT) provisions found in IRC sections 55 to 59 to establish a floor so individuals would pay some tax regardless of the exclusions, deductions and credits ...
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