The IRS allows you to claim deductions that reduce the amount of tax you owe. Those deductions either are itemized deductions or standard — a flat rate.

Before 2018, the tax break — including state and local income and property taxes — was unlimited for filers who itemized ...

In our latest Ask the Editor round-up, Joy Taylor, The Kiplinger Tax Letter Editor, answers four questions on deductions, tax ...

The home office deduction could save remote workers thousands—but only if you know which tax rules apply to your situation.

One tax expert says a proposed $4,000 bonus deduction is a 'far cry from the savings' that many would see with no taxes on ...

Millions of taxpayers may soon benefit from a new tax deduction worth up to $2,000 for qualified charitable contributions.

Trifilo, who previously pleaded guilty, was also ordered to serve two years of supervised release and pay $2,057,256.40 in restitution to the IRS.. New York: Tax preparer Rafael Alvarez, 61, of ...

Instead of being worth 37%, that deduction would be capped at 32%. That means a $10,000 SALT deduction would lower federal income taxes by $3,200 rather than $3,700. 2025 Tax Filing Takeaways ...

And there were also changes to itemized deduction limitations for those with income in the highest tax bracket. The point of these, as Katie discussed, was largely to convince holdouts.

Senate plan includes a permanent $2,000 charitable tax deduction for joint filers in the “One Big Beautiful Bill” proposal.