You can only use one method — the standard mileage rate or the business portion of actual expenses — for the same vehicle. More tax season:Deductions and credits may boost your refund.

With tax season officially underway, you'll need to know the standard deduction amount you can claim for 2024. After all, most taxpayers opt to take the standard deduction rather than itemizing ...

The standard deduction: Most people take the standard deduction, the IRS explains, which allows you to subtract a set amount from your income based on your filing status: $14,600 for single ...

Standard Deduction: Income taxpayers can lower their income without providing any documentation or disclosures by using the standard deduction, which is a fixed sum subtracted from taxable salary ...

As a result, IRS auditors labeled Churchman a hobbyist and her deductions for art-related expenses were denied. However, when the artist took her case to Tax Court, it was ruled that Churchman ...

Tax Season 2025: How long will it take to get your refund after filing your return? The standard deduction is a fixed amount you can subtract from your income to reduce the portion that is taxed.

A standard deduction hike is one of those expectations The Union Budget 2025, the second full Modi 3.0 budget is set to be presented by Finance Minister Nirmala Sitharaman in Parliament at 11 am ...

Budget 2025 income tax expectations: Standard deduction is a flat deduction available on the salary income that helps reduce the taxable income of a taxpayer. Personal tax experts are of the view ...

Among the most anticipated measures is an increase in the standard deduction, a tax break that provides relief to salaried individuals. Experts are pushing for a higher standard deduction ...

The home office deduction allows some filers to claim a tax break for expenses incurred working remotely. If you were a W-2 employee in 2024 — meaning your company withholds taxes from your ...