The proposal ends some taxes on tipped income and overtime pay and extends Trump’s expiring 2017 tax cuts.

Taxpayers must wait until July 2027 to claim the new standard tax deduction for work-related expenses, which more than triples the current rate of claiming deductions without a receipt.

A proposed increase to the SALT deduction cap would primarily benefit upper-middle-income households in high-tax states like ...

Historically, tax incentives have been linked to deductions such as equity-linked saving schemes, the National Pension System (NPS), housing loan payments, interest on education loans, Public ...

It’s a non-starter with representatives in the House’s so-called “SALT Caucus,” who have campaigned for years to repeal completely the $10,000 limit on the deduction for federal income taxes.

Rep. Bill Huizenga introduced the Made in America Motors Act, proposing a tax deduction on interest paid on U.S.-assembled vehicle loans. The proposed deduction allows up to $2,500 per year for ...

In a notification issued on April 23, the Central Board of Direct Taxes (CBDT) notified that any expenditure incurred to settle proceedings initiated in relation to contravention or defaults under ...

New tax proposals aim to ease the burden on seniors by raising deductions for those over 65, offering potential relief from ...

Thompson continued by saying he will fight to reinstate the State and Local Tax Deduction and aim to prevent cuts to 13.7 million Americans’ health care. “It’s a shame that our colleagues on ...

In the new financial year, taxpayers are gearing up to file their income tax returns (ITRs) for FY2024-25 (Assessment Year 2025-26). At the same time, these taxpayers do their math to check how ...

House Republicans are calling for a higher limit on the deduction for state and local taxes, known as SALT, as part of President Donald Trump's tax and spending package. Stream NBC 5 for free ...