The IRS has released a set of FAQs to answer questions about eligibility, reporting, and limits for the new, temporary ...

A number of tax changes as part of the 2025 "Big Beautiful Bill" act could have major impacts on your return, in some cases ...

Keep reading to find out who qualifies and how to claim the deduction.

When tax season rolls around, deductions and credits can make a real difference in how much you owe -- or how much you get ...

Here's what to know about a tax credit vs. deduction, including how each works and how they can reduce your tax bill and ...

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 ...

The standard deduction and SALT cap are both higher and there are new perks for seniors, those who financed new cars and ...

President Donald Trump's "big beautiful bill" increased the SALT deduction limit to $40,000 for 2025, up from $10,000 in 2024. The cap reverts to $10,000 in 2030, which leaves five years to leverage ...

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 ...

Drivers are looking at a long list of rules if they're hoping to claim a new tax deduction for car loan interest on 2025 ...