Individual taxpayers can claim a wide variety of deductions on their federal taxes. "The basic rules of deductions start by ...

The IRS released the 2025 standard deduction amounts you’ll use for your 2025 tax return. These amounts for each filing status are adjusted for inflation every year. So, the standard deduction ...

These two tax terms are probably the ones my clients confuse most often. Think of a tax credit as a gift card applied to your ...

The alternative minimum tax (AMT) can reduce or eliminate the benefit of the standard deduction for certain taxpayers, particularly those with higher incomes or specific types of tax-preference items.

The standard deduction is a fixed dollar amount that lowers taxable income. It includes the basic standard deduction plus any additional deductions for age and/or blindness. Typically, the IRS ...

I recommend that you do not be lazy and go through the effort of compiling your itemized deductions. Your efforts may be greatly rewarded!

April is the month when your employer asks you to choose between the old and new tax regime for TDS on salary for FY 2025-26.

The type of deduction you take can reduce your tax bill, or even determine how much you get back in refunds this tax season. But what is the difference between standard and itemized deductions?

To qualify for the home office deduction, you must use part of your home regularly and exclusively for business. You can take the simplified or the standard option for calculating the deduction.

“The basic rules of deductions start by categorizing ... IRA contributions and student loan interest are available whether you take the standard deduction or itemize deductions.