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The Latest Breaking News from Tax Deduction

The Schedule 1-A Snare: Why 1 in 4 Seniors Won’t Get the $6,000 OBBBA Tax Deduction

The passage of the One Big Beautiful Bill Act (OBBBA) was heralded as a historic win for American retirees, promising a massive $6,000 tax deduction...

Saving Advice

Over 50 and Earning Over $150,000? New Law Forces 401(k) Catch-Ups into Roth Accounts

New 2026 IRS rule requires American workers over 50 earning above $150,000 to direct 401(k) catch-up contributions into Roth accounts, removing the traditional pretax deduction worth thousands annually.

International Business Times UK

10 Ways Seniors Can Reduce Out-of-Pocket Medical Costs Early in the Year

As we enter January 2026, many seniors are feeling a double-sided “deductible reset” squeeze. With the Medicare Part B premium rising to $202.90 and the...

Saving Advice

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7 Tax Deductions That Could Trigger an IRS Audit

Nobody wants to hear from the IRS after filing their taxes, especially if it’s about an audit. Seriously, it is a fear many American adults share. While audits are rare (less than 1% of individual returns are flagged), certain deductions can draw unwanted attention. These aren’t necessarily “bad” deductions, but…

Clever Dude

10 Tax Deductions and Credits You’re Probably Missing That Could Save You Thousands in 2026 and Beyond

Many taxpayers might miss these valuable tax deductions and credits for 2026, from HSA contributions to the new senior deduction. Here's what you need to know.

GOBankingRates

The 'Scrooge' Strategy: How to Turn Your Old Junk Into a Tax Deduction

We break down the IRS rules for non-cash charitable contributions. Plus, here's a handy checklist before you donate to charity this year.

Kiplinger

Is a New $25,000 Health Care Tax Deduction Coming in 2026?

A proposal from GOP Sen. Josh Hawley is adding to the chatter about health care affordability.

Kiplinger

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4 Moves Retirees Need To Make Now To Prepare for 2026 Tax Rules

Tax law changes every now and again, so it's good to keep abreast of the new updates that might affect your life. Even if you're retired, some recent changes to income tax brackets and tax deductions...

GOBankingRates

Ask the Editor, November 14: 20% Qualified Business Income Deduction

In this week's Ask the Editor Q&A, Joy Taylor answers questions on the 20% tax deduction for qualified business income or QBI.

Kiplinger

Ask the Editor, November 7: Deducting Car Loan Interest

In this week's Ask the Editor Q&A, Joy Taylor answers questions on the new tax deduction for paying interest on vehicle loans.

Kiplinger

Can You Write Off Your Home Insurance on Your Taxes?

Understanding the rules around home insurance tax deductions can help you avoid missed opportunities and make smarter financial decisions.

GOBankingRates

Ask the Editor, October 24: What Medical Expenses are Deductible?

In this week's Ask the Editor Q&A, Joy Taylor answers questions on the tax deduction for medical expenses, from Medicare premiums to teeth whitening.

Kiplinger

Three Critical Tax Changes Could Boost Your Paycheck in 2026

The IRS predicts these tax breaks may change take-home pay in 2026. Will you get over $1,000 in tax savings?

Kiplinger

IRS Updates 2026 Tax Deduction for People Age 65 and Older

Adjustments to the extra standard deduction can impact the tax bills of millions of older adults. Here are some new amounts to know for 2026.

Kiplinger

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Axios

IRS releases 2026 tax brackets and higher tax deductions for 2025, 2026 tax years

The Internal Revenue Service on Thursday announced the annual inflation adjustments for more than 60 tax provisions.

GOBankingRates

This Tax Confusion Could Be Costing You Money — a CFP Explains How To Fix It

Tax credits cut your bill, deductions shrink your income. Learn the key difference so you don’t leave money on the table during tax season.

GOBankingRates

4 Ways To Get the Most from Trump’s Below-the-Line Tax Deductions

Trump’s One, Big Beautiful Bill Act (OBBBA) revamps the U.S. tax code with major deductions. Read about the SALT cap hike, auto loan interest breaks and more.

Kiplinger

Five Ways to Cash In On the $6,000 'Senior Bonus' Deduction

Taxpayers age 65 and older might be able to benefit from a $6,000 'senior bonus' deduction in the next four tax years. Here are five ways to make it pay.

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Kiplinger

Ask the Editor, September 26: Tax Questions on the New Tips Deduction

In this week's Ask the Editor Q&A, we answer reader questions on the new tax deduction for tipped income.

GOBankingRates

3 Ways To Maximize Your Tax Deduction If You’re Itemizing for 2025

President Donald Trump's One Big Beautiful Bill Act (OBBBA) raised the state and local tax (SALT) cap deduction to $40,000 from the previous $10,000, as previously reported by GOBankingRates. For...

Kiplinger

Your Golden Years Just Got a Tax Break, But There's a Catch

Don't fall for the 'tax-free Social Security' headlines. The OBBB offers a temporary tax deduction for certain retirees, which is different from eliminating taxes on benefits entirely — and it doesn't solve Social Security's long-term funding issues.

Kiplinger

One Big Beautiful Bill, One Big Question: Will We Keep Giving?

The rules on charitable giving are changing. For some, tax deductions for donations are now an option. For others, that option may have been curtailed.

Kiplinger

New $6,000 'Senior Bonus' Deduction: What It Means for Taxpayers Age 65 and Over

If you’re an older adult, a new bonus tax deduction could provide a valuable tax benefit. Here's how it works.

Benzinga

New Legislation Temporarily Increased the SALT Deduction Cap — But High Earners May Be Left Out

Among the changes in the One Big Beautiful Bill Act is an adjustment to the state and local tax deduction cap. The bill temporarily increases the SALT deduction cap, allowing taxpayers to deduct a significantly higher amount in state and local taxes.

Kiplinger

Over Age 65? New $6,000 'Senior Bonus' Deduction Is Available Even If You Itemize

If you’re an older adult, a new bonus tax deduction could provide a valuable tax benefit. Here's how it works.

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