Both the standard deduction and itemized deductions reduce the amount of tax you pay in a given year. So which is better? Should you itemize or should you keep things simple and take the standard ...

Some of the most valuable tax breaks are also the ones most likely to draw extra attention if you get the details wrong. To ...

Wondering what tax reporting might look like under the One Big Beautiful Bill Act (OBBBA)? The IRS has released drafts of some 2025 tax forms (that you’ll file in 2026), including a draft of the new ...

The IRS offers various tax breaks for homeowners that can help lessen the financial burden associated with homeownership. Common tax breaks available to homeowners include a mortgage interest ...

"I've been reading that with the higher standard deduction amounts, fewer people will benefit from itemized deductions than in the past. But what about deductible IRA contributions? Does that mean ...

Taxpayers tend to shy away from taking the home office deduction, assuming that they will be targeted for increased scrutiny from the IRS. That is certainly possible, especially if your deductions are ...

Discover when dental insurance premiums are tax-deductible and understand exclusions. Learn about coverage types and how cosmetic procedures impact deductions.

An accrual-basis taxpayer normally takes deductions for expenses in the year the item accrues. But when the expense accrued by the taxpayer is owed to a related party who uses the cash basis of ...