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The Latest Breaking News from Tax Deduction

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.

Kiplinger

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...

GOBankingRates

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

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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 Older

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

Kiplinger

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.

Benzinga

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.

Kiplinger

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As You Start Your Work Career, Which Is a Better Option — Traditional IRA or Roth IRA?

Starting your career? Learn whether a Roth or Traditional IRA gives you the best long-term benefits for saving, taxes and retirement growth.

GOBankingRates

Trump’s $10K Car Loan Tax Break Sounds Great — but Most Won’t Qualify

Trump’s new auto loan tax deduction promises big savings, but a study finds 97% of Americans won’t qualify and average savings are just $333 a year.

GOBankingRates

How Your 2025 Wedding Could Save You Money on Taxes

There are some wedding expenses that are tax-deductible, and you don’t want to miss out on savings.

Kiplinger

New Senior Tax Deduction That Could Slash Your Retirement Income — But It Ends Soon

When it comes to retirement, it is important to identify as many tax deductions as you can. After all, you are on a limited income. Learning about a new senior tax deduction could make all the difference in the world. Many headlines have suggested that this deduction would “eliminate” all…

Clever Dude

New $10,000 Car Loan Tax Deduction Is Here — Do You Qualify?

A new tax deduction lets car buyers write off up to $10,000 in loan interest -- if they meet these key requirements. Find out what you need to qualify here.

GOBankingRates

Financing a Car? Find Out If This New Tax Deduction Could Lower Your Costs

A provision in the recently passed One Big Beautiful Bill (OBBB) provides a little tax incentive for anyone thinking of financing a car through 2028.

GOBankingRates

Ask the Editor, July 25: Questions on Four New Tax Deductions

In this week's Ask the Editor Q&A, we answer tax questions from readers on four new tax deductions in the "One Big Beautiful Bill."

Kiplinger

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GOBankingRates

3 Money Moves the Middle Class Should Make After the Passing of Trump’s ‘Big Beautiful Bill’

Trump’s "Big Beautiful Bill" brings some big changes that could impact you. Learn more about the changes and some money moves the middle class can make today.

The Independent UK

New tax break for auto loans could save some buyers thousands of dollars. But will it boost sales?

The new tax law signed by President Donald Trump creates a federal tax deduction for interest on auto loans

The Independent UK

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

International Business Times 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.

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Kiplinger

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.

The Free Financial Advisor

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…

Kiplinger

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?

The Free Financial Advisor

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…

Kiplinger

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?

International Business Times UK

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.

The Guardian - US

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

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