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The Latest Breaking News from Tax Deduction

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

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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

Are You a Renter? You Could Save on Taxes

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

Kiplinger

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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.

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.

Kiplinger

Vice President's Plan: ,000 Tax Deduction For Small Businesses

Vice President's plan supports small businesses, families, and economic growth through tax deductions, housing initiatives, cost reductions, and job opport...

Top News

Harris Proposes Smaller 28% Capital Gains Tax, $50K Tax Deduction For Small Businesses

Harris pointed out her recommendation on lowering the cost of starting new businesses would help achieve her ambition about having 25 million new small business applications filed by the end of her first term.

International Business Times

Kamala Harris to unveil $50,000 tax deduction for new small businesses

US Democratic nominee’s proposal is latest effort to erase Donald Trump’s polling advantage on economic issues.

Al Jazeera

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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.

Kiplinger

A Bunch of IRS Tax Deductions and Credits You Need to Know

Lowering your taxable income is the key to paying less to the IRS. Several federal tax credits and deductions can help.

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Meals And Entertainment Tax Deductions Update For 2023 And 2024

Learn about recent changes in tax laws affecting meals and entertainment deductions for business owners.

Top News

New Mileage Tax Deduction Rates Announced For 2024

Learn how tax planning, vehicle expenses, and retirement accounts can optimize take-home pay for business owners. Stay informed on tax deductions and IRS m...

Top News

House Vote Defeats Longshot Bid to Double SALT Cap

A bid to temporarily double the ,000 cap on state and local tax deductions was defeated in the House, impacting taxpayers in high-cost states.

Kiplinger

Mortgage Interest Tax Deduction: What You Need to Know

Should you claim the mortgage interest deduction when you file your federal tax return?

Roll Call

'SALT' bill on shaky ground after getting over Rules hump - Roll Call

Republican-backed legislation to temporarily boost the cap on state and local tax deductions cleared a key hurdle on Thursday.

Roll Call

House GOP clears path for tax package with ‘SALT’ on the side - Roll Call

A $78 billion tax deal is set for a vote Wednesday after House leaders agreed to vote as soon as next week on state and local tax deductions.

Kiplinger

Educational Tax Breaks and Deadlines: The Tax Letter

Teachers have just a few more weeks to max out a tax deduction for 2023 and the GOP has some tax options if they want to expand school choice.

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