The qualified business income deduction, also known as QBI, is one of the most powerful deductions still on the books for ...

Selling your home could bring you extra cash at tax time. Discover potential deductions homeowners can claim after closing to ...

The standard deduction is set to climb again for the 2025 tax year, with married couples filing jointly able to shield ...

Many people will be shocked when they discover the intricate rules — and lack of supporting paperwork — when filing 2025 federal income tax returns.

Under the One, Big, Beautiful Bill, workers may be eligible for new deductions for tax years 2025 through 2028 if they ...

Tax deductions reduce your total taxable income, also called your adjusted gross income. The Internal Revenue Service offers both personal and business deductions, but business deductions must be ...

Tax credits are generally more valuable than tax deductions. There are many types of each: nonrefundable, partially refundable and fully refundable tax credits, and standard vs. itemized deductions, ...

The One Big Beautiful Bill Act ("OBBBA") brings major changes to federal charitable deduction rules beginning January 1, 2026. These changes ...

Although paying taxes is a fact of life, the IRS offers taxpayers the ability to reduce what they owe via various tax deductions and tax credits. But it’s not as simple as it sounds. Before you can ...

The grain glitch was an unintended consequence of Section 199A, the provision that created the 20 percent tax deduction on income derived from pass-through businesses designed to replicate the tax ...

Two types of tax breaks stand out among all the lingo: credits and deductions. Each lowers your tax liability, which is the total annual tax owed on your income. (That figure can be found on line 24 ...