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The Latest Breaking News from Tax Deduction

What to know -- and what isn't known yet -- about US tax deductions for tips and overtime pay

Millions of U.S. workers who earn tips and overtime pay may be eligible for a federal tax break when they file their 2025 income taxes next year

The Independent UK

Trump's One Big, Beautiful Bill to Eliminate Taxes on Social Security Benefits for 90% of Recipients

The Social Security Administration stated that US President Donald Trump's bill will eliminate federal income taxes on Social Security benefits to offer immediate relief to seniors.

International Business Times UK

Five Surprising GOP Senate Bill Tax Changes to Know

Senate Republicans released proposed tax changes for Trump’s ‘one big, beautiful bill.” Some provisions are already stirring debate.

Kiplinger

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12 Tax Deductions You’re Probably Missing (And Leaving Money on the Table)

Tax season can feel overwhelming, but it’s also a golden opportunity to keep more of your hard-earned money. Every year, millions of Americans miss out on valuable tax deductions simply because they don’t know they exist or assume they don’t qualify. These overlooked tax deductions can add up to hundreds…

The Free Financial Advisor

Senate Seeks $6,000 'Bonus' Tax Deduction for Those Age 65 and Older

Under Trump’s ‘big bill,’ the Senate Finance Committee has proposed a larger bonus tax deduction for older adults than the House. Will it pass?

Kiplinger

10 Tax Deductions You Forgot Were Legal

Tax season can feel like a maze, and it’s easy to miss out on valuable deductions that could put more money back in your pocket. Many people focus on the obvious write-offs, like mortgage interest or charitable donations, but there are plenty of lesser-known tax deductions that are perfectly legal…

The Free Financial Advisor

New Car Loan Interest Deduction: Which Vehicles and Buyers Qualify

Trump and the GOP are now offering a tax deduction for auto loan interest. How will it work?

Kiplinger

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Senate Unites to Axe Taxes on Tips: What It Means for Millions of American Workers

The US Senate has unanimously passed the No Tax on Tips Act, offering up to $25,000 in annual tax deductions for tipped workers in a rare show of bipartisan support.

International Business Times UK

US Senate passes ‘no tax on tips’ bill in unanimous vote

Bipartisan bill to created tax deduction of up to $25,000 now goes to House but experts have criticized measure

The Guardian - US

New Overtime Tax Deduction Proposed for Millions Working Extra Hours

Some lawmakers and President Trump want to offer overtime tax relief. But will a tax deduction or an exemption help you most?

Kiplinger

Big Tax Deduction Increase Proposed for Those Over Age 65

A new bipartisan bill and a tax plan from the House GOP could mean bigger retirement tax savings to offset taxes on Social Security and high prices.

Kiplinger

Ask the Editor, May 4 — Questions on Tax Deductions, Losses

In our Ask the Editor series, Joy Taylor, The Kiplinger Tax Letter Editor, answers readers' questions on tax deductions and losses.

Kiplinger

Ten things we learned from Anthony Albanese’s speech at the Labor party campaign launch

The PM addressed a crowd of 500 people in Perth, spruiking new policies on housing and tax deductions, celebrating WA and invoking Donald Trump. Here’s what you may have missed

The Guardian - AU

Still working from home? No, you can’t deduct home office expenses from your taxes. But freelancers and the self-employed still get the deduction.

Small-business owners and freelancers who work at home can still itemize tax deductions for expenses like rent, mortgage interest, utilities, and more for their home office.

Fortune

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Kiplinger

Are You a Renter? You Could Save on Taxes

With these tax savings at your fingertips, rent may be more affordable

Kiplinger

SALT Cap Increase? What to Expect in 2025 Tax Reform

Some lawmakers say it’s past time to increase the $10,000 cap on state and local tax deductions, and President Trump seems to agree.

Kiplinger

Tax Credit vs. Tax Deduction: What’s the Difference?

Your guide to tax deductions and credits, how the IRS treats them differently, and how they impact your tax bill.

Kiplinger

IRS Expands Tax Breaks for Breast Cancer Screenings, Contraceptives

Now you can get a tax deduction or reimbursement for certain medical expenses, like over-the-counter birth control and condoms.

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Kiplinger

SALT Deduction Changes: Three Key Tax Points to Know Now

Changes to the state and local tax (SALT) deduction in the so-called 'big beautiful bill' have put this tax break in the spotlight.

Top News

Vice President Harris Proposes New Benefits For Small Businesses

Vice President Kamala Harris unveils plan to boost entrepreneurship with tax deductions and business growth targets.

Kiplinger

How to Donate Your Life Insurance Policy to Charity

Donating an unneeded life insurance policy to charity can extend your charitable legacy. To maximize that gift, consider methods that may reduce your tax burden.

Kiplinger

IRA vs Roth vs 401(k): Which Do You Pick?

All offer great tax breaks as you save for retirement. In addition, there are 403(b), SEP and SIMPLE plans and more. But don't worry. It’s hard to go wrong.

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