Compare what you paid in sales tax to your state and local taxes. Deduct the larger of the two. But there's a catch. Many, or all, of the products featured on this page are from our advertising ...

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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 ...

Not to be confused with the additional standard deduction for seniors, the new senior tax deduction allows qualified filers to shelter even more of their income from taxes. Many, or all, of the ...

The SALT deduction is a federal itemized deduction for certain state and local taxes you paid during the tax year. You can only deduct state and local income taxes (or sales taxes), real property ...

You finally did it! You quit your job working for someone else and ventured out to start your own business. But, as you know, becoming self-employed can be scary. The success of your business is in ...

New tax deductions for overtime pay, tips, seniors and car loan interest don’t disappear immediately when income crosses a line. Some deductions, such as one for those 65 and older, end up being ...