Tens of millions of taxpayers found themselves filing a brand new form called Schedule 1-A so far this tax season to claim some generous new tax breaks on their 2025 federal income tax returns. If you ...

The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...

It’s time for year-end tax planning. If you do nothing else, go over your 2025 deductions for state and local taxes, or SALT, and charitable donations. The reason: Last summer’s megabill made changes ...

A new tax form, Schedule 1-A, must be filed with 2025 returns to claim several new deductions. These new tax breaks include deductions for qualified tip income, overtime pay, and new car loan interest ...