Limits on Tax Deductions . Keep in mind that there are limitations on some deductions. For example, current federal tax law limits the mortgage interest deduction to a maximum of $750,000 of ...

The sweeping GOP tax bill calls for an above-the-line deduction of up to $10,000 in car loan interest during a given taxable year. You'd pay no tax on that interest, if you qualified. The proposed ...

No one is calling for a return of the country club dues tax deduction, but even conservatives say that’s more defensible than boosting the state and local tax deduction.

Let's explore the rules surrounding three tax deductions that many investors forget to claim. Interest. Most Australians are aware that interest paid on an investment property is deductible.

Most Aussies aren't taking full advantage of car tax deductions, financial adviser Ben Nash says. · Source: Getty/Supplied If you drive for work, there’s a $4,400 tax deduction up for grabs that could ...

Taxpayers with a modified adjusted gross income over $500,000, would have a reduced deduction, but it would not go lower than $10,000. But the details could change as the bill moves through the ...

Note: When it comes to the proposed car loan interest deduction, most imported vehicles, subject to the new 25% tariff, wouldn’t meet this U.S. assembly requirement and would not be eligible for it.

President Donald Trump and the Republicans in Congress are correct that the national debt has reached catastrophic ...

How To Maximize Your Tax Deduction Time Your Donations. Make donations by December 31 to deduct them for that tax year. Consider year-end giving as part of your tax planning. Use Your IRA ...

Everyone can take the standard deduction, which would be worth $16,000 for individuals and $32,000 for married couples this year under the Republican tax bill.

This deduction would likely benefit people who earn modest incomes. The lowest-earning seniors already pay no federal income taxes, so they wouldn’t benefit. The highest earners make too much to ...

The property tax deduction is great for homeowners. Here's how it works in 2024 and 2025 and what you can do to save money.