You need to itemize to take a tax deduction for your charitable donations, but fewer people itemize now that the standard deduction has doubled. Even if you don’t itemize, there are other ways ...

The standard deduction in income tax is a fixed amount that salaried individuals and pensioners can claim to reduce their taxable income, without having to list out expenses or submit proof of ...

In the new financial year, taxpayers are gearing up to file their income tax returns (ITRs) for FY2024-25 (Assessment Year 2025-26). At the same time, these taxpayers do their math to check how ...

Florida homeowners are in crisis—but one Washington, D.C., lawmaker wants to offer tax relief as a way to ease the burden.

While the standard deduction was significantly increased by the Tax Cuts and Jobs Act of 2018, itemizing remains a valuable tool-especially when strategically employed through bunching.

New small businesses will face lower corporate tax rates, and technology upgrades will cop bonus tax deductions ... net 348,550 business entries between 2020-21 and 2023-24.

Republicans are set to increase the $10,000 cap on state and local tax deductions as part of their major tax overhaul, but the size of the increase is a subject of negotiation between leadership ...

Image: Pexels Before doing the calculations of paying zero tax, let's check the slabs, standard exemptions, and deductions under the new tax regime. In the new regime, you now get a standard deduction ...

If you made a quick flip and sold within a year, congrats, you’re paying ordinary income tax on that profit. That means the IRS treats it like your regular paycheck. Depending on your tax ...