The IRS allows you to claim deductions that reduce the amount of tax you owe. Those deductions either are itemized deductions ...

The IRS is adjusting the income limits for its federal income tax brackets to account for the impact of inflation, an annual reset that could provide relief for some Americans when they file their ...

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 ...

Income brackets and the standard deduction will increase slightly for the 2026 tax year, the Internal Revenue Service announced Thursday. Tax brackets will rise by about 4% for lower-income ranges and ...

Donating to charity is a great way to show your giving spirit and can help save money at the same time if you follow key ...

The Internal Revenue Service has announced new tax inflation rates, standard deductions and new federal income tax brackets for 2026 — and the adjustments may surprise you. While the tax rate ...

Your paycheck could be slightly larger in 2026 based on the latest IRS tax bracket changes. Some workers could also see withholding changes from the new provisions enacted via President Donald Trump's ...

A new tax deduction for tip income is available for 2025 federal income tax returns. Learn the new form to file, who qualifies, and income limits.

Early-bird tax filers will be happy to know that the Internal Revenue Service will begin accepting and processing 2025 income tax returns on Monday, Jan. 26. Taxpayers are likely to be shocked to ...

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. Photo by JIM WATSON/AFP via Getty ...