New tax rules for seniors bring bigger deductions, potential refunds & planning opportunities, with impacts on retirement ...

The federal deduction for state and local taxes for single and joint-filing taxpayers who itemize is $40,000 through 2029.

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 ...

Mileage deductions can add up to significant savings for taxpayers. Self-employed workers and business owners are eligible for the largest tax-deductible mileage rate. Mileage can be deducted for ...

WASHINGTON, DC - JULY 04: U.S. President Donald Trump, joined by Republican lawmakers, signs the One, Big Beautiful Bill Act into law during an Independence Day military family picnic on the South ...

Although recent legislation introduced many tax deductions, there aren't as many changes to keep track of for the 2026 tax year. That said, it's still important to learn about changes and enhancements ...

A tax deduction reduces your taxable income for the year. For example, if your taxable income was $60,000 and you qualified for a $5,000 tax deduction, the government would ignore $5,000 of your ...

In 2022, when the Internal Revenue Service raised the educator expense deduction for the first time since its inception in 2002—from $250 to $300—it felt to some like a slap in the face. “The amount ...