Retirement taxes are often more complex than expected. Learn how RMDs, Social Security taxation, and recent OBBBA changes may ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Investopedia / Photo Composite by ...

Tax season is stressful enough without wondering whether a single deduction will draw scrutiny from the IRS. The reality? Just 0.36% of individual returns were audited in 2023, according to IRS data — ...

The sweeping One Big Beautiful Bill (OBBB) signed into law this year altered two key components of the gambling-related tax code. Key Takeaways The IRS confirmed the slot-win reporting threshold will ...

American taxpayers aged 65 and older will receive a new $6,000 bonus tax deduction next year as part of President Donald Trump’s One Big Beautiful Bill Act. The temporary deduction comes alongside ...

Christine Benz: Hi, I’m Christine Benz for Morningstar. People who are 65 and older may be able to take advantage of a new senior deduction starting in 2025. Joining me to discuss what you need to ...

If you're concerned about taxes, you probably want to skip that year-end cash donation. Tax laws are changing, and timing is everything this year to maximize your gifts. Itemizers should hit ...

Lawmakers are planning to introduce legislation next week to allow car buyers purchasing American-made vehicles to deduct the interest paid on their auto loans from federal income taxes, U.S. Sen.

Shoaib Akhtar has criticized the PCB's decision to deduct Rs 7 million from his annual earnings as punishment for misdemeanor under the previous PCB regime.Shoaib was banned for five years by Nasim ...

Several casino executives met with House Ways and Means Committee Chair Rep. Jason Smith (R) last week. They shared their concerns about the upcoming tax change, which one study said will cause an $18 ...

Tax season in 2026 will look very different for older Americans filing 2025 returns, as a new wave of deductions reshapes how income, Social Security and retirement savings are treated. For people 65 ...

This new deduction is taken on top of your standard deduction or itemized deductions. But your deduction will be reduced if your modified adjusted gross income (MAGI) is more than $75,000 ($150,000 ...