Add Yahoo as a preferred source to see more of our stories on Google. Last year, U.S. taxpayers filed their first returns under the new tax law. The Tax Cuts and Jobs Act of 2017 was touted as the ...

The return of state and local tax, or SALT, deductions could be in limbo as Congress finalizes a reconciliation bill. A Capitol Hill aide tells News 12 that House Republicans are having issues coming ...

Writing off an expense as a tax deduction is often framed as an easy way to put money back in your pocket — but it is a little more complicated than that. A tax deduction simply allows you to lower ...

Wondering what tax reporting might look like under the One Big Beautiful Bill Act (OBBBA)? The IRS has released drafts of some 2025 tax forms (that you’ll file in 2026), including a draft of the new ...

For a long time, the standard deduction has been a straightforward option for many U.S. taxpayers. It allows most filers to reduce their taxable income without needing to itemize deductions. The ...

Until enactment of the One Big Beautiful Bill Act, officially P.L. 119-21, the availability of a below-the-line deduction that was not the standard deduction or an itemized deduction was a rare event.