Drivers are looking a long list of rules if they're hoping to claim a new tax deduction for car loan interest on 2025 federal ...

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 ...

This article is the first in a new column, Personal Financial Planning, covering the role of CPAs in advising individuals and ...

A new tax break known as the “Production Deduction” was signed into law by President Bush late last year and is effective for years beginning after Dec. 31, 2004. Construction contractors and ...

Understanding your 1040 is the best way to legally minimize your taxes. Top tax professionals will tell you that effective tax planning needs to be proactive, not reactive. The best tax planning needs ...

Starting and running a small business is expensive. There are many different costs that go into operating a business, but many can be tax write-offs. For an expense to be deductible, the cost must be ...

If you have a side hustle — or are full-time in business for yourself — you might qualify for self-employment tax deductions. These deductions can lower how much of your income is considered during ...

The 2017 Tax Cuts and Jobs Act has resulted in numerous changes to the tax laws— both on the individual and business levels. Some of the most impactful changes affecting 2018 and beyond are those ...

You don’t have much choice when it comes to whether to pay your taxes, but you can decide how to approach your tax deductions — those allowable subtractions that can lower the amount you owe in taxes.

There are some deductions that are more frequently abused than others, so the IRS tends to pay closer attention to them. With that in mind, here are some tax deductions that could increase your ...

A little-noticed consequence of the proposed regulations on the 20% qualified business income (QBI) deduction introduced by the legislation known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, is ...

Although losses are usually beneficial for tax purposes, losses from passthrough entities potentially adversely affect the 20% qualified business income (QBI) deduction under Sec. 199A. These losses, ...