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The Latest Breaking News from Tax Deduction

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

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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...

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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.

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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.

Kiplinger

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.

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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...

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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.

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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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Kiplinger

Give Your Charitable Giving a Boost With These Strategies

Donating to charity is easy. Getting the most from your donation and paying less in taxes can be more complicated.

Chicago Sun-Times

Teachers deserve higher tax deduction for out-of-pocket classroom expenses

U.S. Rep. Sean Casten, a Democrat, and Republican U.S. Rep. Tim Burchett have introduced legislation to increase the amount educators can deduct from $250 to $1,000.

Kiplinger

Would You Benefit From a Split Interest Income Trust?

If you have a high income, are selling appreciated assets or won the lottery, a split interest income trust could be a boon to you and a designated charity.

The Guardian - AU

Labor’s refusal to extend school chaplaincy tax deduction will cause cuts, Christian group says

Parents’ secular education group wants chaplains scrapped and student wellbeing officers employed instead

Sports Illustrated

IRS Says Nonprofit NIL Collectives Giving Tax Deductions Could Be Illegal

The office of the IRS Chief Counsel released a memo Friday saying donations made to nonprofit NIL collectives “are not tax exempt”.

The New Daily

Michael Pascoe: How to ethically minimise income tax

June – the winter solstice, the bare London plane trees in our street briefly not dropping stuff of one type or another, the (optimistic) start of the ski

The New Daily

Major tax break announced for small businesses going green

Small and medium-size businesses that invest in energy efficient equipment could be eligible for a tax deduction of up to $20,000.

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