The standard deduction nearly doubled as a result of the Tax Cuts and Jobs Act, which went into effect in 2018. For taxes ...

There are several tax deductions for homeowners, from interest paid on your mortgage to specific home improvements. Find out ...

The 2025 tax filing season is underway, and there are several tax benefits that can help homeowners save money this year.

Just because you work from home doesn't mean you can deduct a home office on your taxes. Here's how to qualify for the ...

A nonrefundable credit can reduce your tax liability to zero but not below that. Refundable credits can reduce your liability ...

More people are making legal sports bets on the Super Bowl and March Madness. But what do gamblers need to know at tax time?

The U.S. tax code may be notoriously complex, but understanding some basic terms can help you breeze through your tax return in no time. According to the Tax Foundation’s 2024 tax literacy poll, only ...

Lowering your taxable income can reduce the taxes you owe. Unlike itemized deductions, which require you to track specific expenses, you don’t have to prove anything to take the standard deduction.

The amount depends on your filing status, with the largest deduction reserved for married couples filing jointly. Itemized deductions require listing individual expenses you want to write off ...

The 2017 Tax Cuts and Jobs Act eliminated unreimbursed itemized deductions for employees, and Congress never brought them back despite a surge in people working from home. The rule runs through ...