Homeowners now have the chance to write off much more of their state and local tax bills, and this could potentially lead to bigger tax refunds. That’s if they play their cards right on the SALT ...

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 ...

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. Vithun Khamsong / Getty Images The ...

The SALT deduction is only available to taxpayers who itemize their deductions rather than claiming the widely used standard deduction The decision on whether to take the standard deduction or itemize ...

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A deduction to defray homeowners’ state income taxes and local property taxes is getting much more generous, following fierce debate among lawmakers in Washington. The focus on the write-off is now ...

The Internal Revenue Service has announced updated standard deduction amounts for the 2026 tax year, including a modest, yet meaningful, increase for Americans age 65 and older. The change, which ...

The IRS has released the new income limits for federal income tax brackets for the tax year 2026. The brackets you fall into determine how much you owe at tax time. For 2025 returns, which will be ...

The “One, Big, Beautiful Bill Act” (OBBBA), signed into law by President Trump in July 2025, introduced four generous tax deductions for millions of Americans: qualified tips, overtime compensation, ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...