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The Latest Breaking News from Tax Deduction

Virginia Seniors Could Still Lose a $6,000 Tax Deduction If They Don’t File This 2026 Form Correctly

A new tax break for seniors is making headlines, but many retirees could miss out simply because they don’t file correctly. The new “senior bonus...

Saving Advice

How much a new $1,000 tax offset would really be worth – and who’s better off avoiding it

When Australian workers lodge a tax return from mid next year, around 6 million taxpayers look set to be able to claim up to A$1,000 with an “instant” work-related tax deduction, without receipts. The Albanese government has just released draft legislation on the change.

The Conversation

Millions of Australians will get a $1,000 instant tax deduction under a new law – here’s how it will work

Draft legislation for treasurer Jim Chalmers’ new instant tax deduction policy lands just over a year after Labor proposed the change in the run-up to the 2025 election

The Guardian - AU

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Over 70 Jobs Now Qualify for 'No Tax on Tips' — Check If You're On The List

The IRS has clarified tax deduction rules for over 70 occupations relying on tips, allowing eligible workers to deduct up to $25,000 in qualifying tips from federal income tax from 2025 to 2028.

International Business Times UK

I Asked ChatGPT Which Deductions Seniors Most Commonly Miss at Tax Time

GOBankingRates asked ChatGPT which tax deductions seniors most commonly miss to find out how much more money they could be saving -- here's what it said.

GOBankingRates

IRS Rules Explained: When Pets, Beer, and Even Body Oil Can Be Legal Tax Write-Offs

When most people think about tax deductions, they picture things like mortgage interest or charitable donations. They don’t think of pet food, beer, or body...

Saving Advice

Stop Using Your Smartwatch for Mileage (Until You Read This IRS Rule)

You bought your watch for tracking steps, but the IRS tracks your mileage. Did you miss out on this key tax deduction?

Kiplinger

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I Asked ChatGPT If I Can Get the Same Tax Deductions as the Rich — Here’s What It Said

Here's what ChatGPT had to say on whether the average American can get the same tax deductions as the rich.

GOBankingRates

New Retirement Rules in 2026 — What They Mean for Your Money

Discover the key changes in retirement planning for 2026, including higher contribution limits, new tax deductions, and rising healthcare costs. Learn how these shifts impact your financial future and explore strategies to optimize your retirement savings and manage expenses effectively.

International Business Times UK

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

Over 65? Here's What the New $6K Senior Tax Deduction Means for Medicare IRMAA

A new tax deduction for people over age 65 has some thinking about Medicare premiums and MAGI strategy.

Kiplinger

7 Smart Money Moves Fidelity Says Will Make Retirement More Comfortable

Fidelity outlined retirement money moves such as certain tax deductions, Roth conversions and charitable strategies to boost financial security.

GOBankingRates

Ask the Editor, February 6: Questions on Federal Income Tax Deductions

In this week's Ask the Editor Q&A, Joy Taylor answers questions on federal income tax deductions

Kiplinger

Can I Deduct My Pet On My Taxes?

Your cat isn't a dependent, but your guard dog might be a business expense. Here are the IRS rules for pet-related tax deductions in 2026.

Kiplinger

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GOBankingRates

What 2026 Senior Tax Deduction Means for Social Security and Retirement Planning

New tax rules for seniors bring bigger deductions, potential refunds & planning opportunities, with impacts on retirement income & Social Security.

GOBankingRates

Social Security ‘Bonus’: 6 Proven Strategies To Maximize Your Tax Savings

Between a 2.8% COLA & new $6K senior tax deduction under the OBBBA, explore Social Security recipients' savings & investment opportunities in 2026.

Saving Advice

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...

International Business Times UK

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.

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Saving Advice

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...

Clever Dude

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…

GOBankingRates

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.

Kiplinger

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.

GOBankingRates

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...

Kiplinger

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.

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