When tax season rolls around, deductions and credits can make a real difference in how much you owe — or how much you get back. Deductions lower the portion of your income that’s taxed, while credits ...

The deduction is designed to help seniors reduce their taxes through 2028. The lowest-income seniors are unlikely to benefit from the deduction. Experts worry about the impact the tax break will have ...

New tax deductions for overtime pay, tips, seniors, and car loan interest don’t disappear immediately when income crosses a line. Some deductions, such as one for those 65 and older, end up being ...

A new tax form, Schedule 1-A, introduces four new deductions for the 2025 tax year. All four write-offs are "below-the-line" deductions, which reduce taxable income but not adjusted gross income. Each ...

A bigger standard deduction, changes in the itemizing rules and new temporary deductions all complicate the decision. Here’s how to choose the option that’s best for you. When it comes to federal ...

Forbes contributors publish independent expert analyses and insights. Matthew F. Erskine is a trusts and estates attorney. When President Trump signed the One Big, Beautiful Bill Act (OBBBA) into law ...

The 2025 One Big Beautiful Bill Act (OBBBA) introduced a particularly interesting change for Americans 65 and older: a new, temporary tax deduction. Beginning this tax season, individuals age 65+ are ...