The home office deduction could provide a tax break on your 2024 return. Here’s who qualifies and how to claim it.

Your taxable income is your income after various deductions, credits, and exemptions have been applied. There are also various tax credits, deductions and benefits available to you to reduce your ...

You might not be keen on doing taxes on your smartphone because it may seem difficult and tedious, but there are many reasons why it might be a great idea for you: It's convenient. Not everyone ...

Adhil Shetty, CEO of BankBazaar, urges Finance Minister Nirmala Sitharaman to raise the 30% income tax threshold to ₹18 lakh in Union Budget 2025, restructure the tax brackets, and introduce a ...

"IRS Releases Tax Inflation Adjustments for Tax Year 2025." NOLO. "Miscellaneous Itemized Deductions: No Longer Deductible." Internal Revenue Service. "Publication 536 (2023), Net Operating Losses ...

Tax season started on January 27, bringing taxpayers a key choice in whether to itemize their deductions or take the standard deduction.

This budget is highly anticipated, with particular focus on potential changes to income tax structures and standard deductions that could impact salaried individuals and the middle class.

Not everyone is required to file taxes, but most Americans must and probably will submit a return. Some will even do so today, the first day the IRS is accepting and processing returns this tax ...

Tax season has officially begun, as the IRS is now accepting 2024 federal tax returns as of today, Monday, Jan. 27, 2025. Today also marks the first day taxpayers can use Direct File to submit ...

In other words, it allows you to pay less tax without having to worry about itemizing all your expenses. It's much easier than itemized deductions, which require careful tracking of all your ...