The 'One Big Beautiful Bill Act' (H.R. 1) proposes a shift in the tax landscape by increasing the SALT deduction cap from $10 ...

House Republicans passed President Donald Trump’s “one big, beautiful bill” on May 22. This meaty budget reconciliation bill ...

The 'One Big Beautiful Bill Act' proposes a significant increase in the SALT deduction cap, potentially reshaping the tax ...

The federal government helps defray at least some small portion of those costs with the child and dependent care credit, ...

Federal taxes would increase for many if Congress fails to renew tax cuts, but the legislation favors the rich.

Modified adjusted gross income, or MAGI, is a crucial tax term to know if you want to qualify for valuable tax benefits.

So, if your AGI was $80,000, you can deduct health costs above $6,000. To claim the medical expenses, however, you must itemize your return rather than take the standard deduction. The standard ...

Over the years, after countless aesthetic and maintenance upgrades, you’ve finally decided to retire in your forever home. But is your house ready for retirement? According to AARP, more than 75 ...

Per the IRS, you can generally deduct up to 60% of your adjusted gross income. In general, you can write off qualified, unreimbursed medical expenses that are more than 7.5% of your adjusted gross ...

Above-the-line deductions reduce your adjusted gross income (AGI) and can be claimed regardless of whether you itemize or take the standard deduction. Below-the-line deductions, on the other hand ...

Assume an adjusted gross income (AGI) of $55,000 and a tax credit vs. a tax deduction of $5,000. *The example is based on a single filer using 2024 Income Tax Brackets and Rates. As you can see ...

183(b)(2), are not miscellaneous itemized deductions under Sec. 67(a) subject to the 2%-of-AGI floor. However, the Tax Court disagreed, upholding deficiencies totaling $267,221 for both years combined ...