Rising health costs in 2026 are colliding with a complicated tax code, and many households are trying to figure out whether ...

Most people claim the standard deduction on their federal tax return instead of itemizing deductions. How much can you claim?

Overtime pay deduction: Individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay. The maximum annual deduction is $12,500 ($25,000 for joint ...

A new tax deduction for senior citizens is kicking in this tax season, potentially providing bigger refunds to millions, the ...

A new, temporary 'senior bonus' will enable many taxpayers age 65 and older to deduct up to $6,000 in income from their ...

Business taxpayers are often entitled to extra self-employed and small business tax deductions, which can potentially lead to substantial savings this tax year.

The IRS offers various tax breaks for homeowners that can help lessen the financial burden associated with homeownership. Common tax breaks available to homeowners include a mortgage interest ...

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 ...