Looking ahead to your 2025 taxes and wondering about standard tax deduction amounts for each filing status? Here's what's ...

Homeowners have two choices when claiming deductions to reduce their taxable income: the standard or itemized deduction. But ...

If you had substantial health care expenditures last year, you may be able to deduct some of them from your taxable income.

Gross income is a fundamental financial measure that holds significance for both businesses and individuals. Whether analyzing company profitability or assessing an individual’s financial health, ...

Donations made to the Shri Ram Janmabhoomi Teerth Kshetra Trust qualify for tax deductions under Section 80G of the Income ...

If you want to save some income tax by reducing your total taxable income then Section 80G is one of the available options.

However, the appellant did not produce any supporting though the parties were from the family members of the partners. According to the AO, the disallowance of 15% is reasonable and fair considering ...

This article explains the concept of a Lower Deduction Certificate, its legal basis, eligibility, and the detailed procedure ...

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Since we withdrew money from our 401 (k), we expect to owe the IRS money this year. However, by itemizing and deducting the interest paid on our mortgage debt, along with several additional tax breaks ...

The Tuition and Fees Deduction was phased out, but there are two main credits still available. Learn more about college ...

Taxpayers should consider a few key factors before making a choice. The old regime allows deductionswhereas the new regime ...