Learn what basis value is, how to calculate it, and see examples to understand its role in reducing tax burdens on fixed ...

The IRS has issued proposed regulations for the temporary car loan interest deduction enacted under the new tax law.

A new deduction allows workers to subtract part of their overtime wages from their 2025 taxable income, lowering some taxpayers' bills in April. However, workers will need to calculate their deduction ...

Here's what you should know about income tax, what it is, how it works, how to calculate it and which states don't have it.

H.R. 1, P.L. 119-21, the law commonly known as the One Big Beautiful Bill Act (OBBBA), contains provisions of special ...

Learn how the new "no tax on tips" deduction can reduce your federal taxable income by up to $25,000 if you earn tips at work ...

The deadline to file taxes is April 15. Procrastinating teachers may find themselves in a mad dash to search for receipts from 2023 that provide proof of out-of-pocket spending on classroom-related ...

When you file your taxes, itemizing deductions can help you reduce your taxable income. Some people are eligible to deduct their sales tax. If you choose to itemize deductions, you’ll have the option ...

The Alternative Minimum Tax (AMT) phaseout threshold is lowering in 2026. Find out if you're at risk of paying this complex ...

Victims of hurricanes Helene and Milton could get a tax deduction for losses. However, the tax break is generally only available for damage in federally declared disaster areas through 2025. Experts ...