The Latest Breaking News from Tax Deduction

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.

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

The tax code should be amended so those who legally own a firearm can turn it in and receive a tax deduction on their federal income tax return.

The cabinet has extended the double tax deduction period for another two years for contributions made to 13 public health foundations via E-donation.

WASHINGTON: Massive losses and large tax deductions in Donald Trump’s returns reveal how the former president was able to use the tax code to minimize his income tax payments.

WASHINGTON — Massive losses and large tax deductions in Donald Trump’s returns reveal how the former president was able to use the tax code to minimize his income tax payments.

Some long-standing tax deduction and tax benefit measures should be reviewed, says Revenue Department director-general Lavaron Sangsnit.

Senate Majority Leader Charles E. Schumer pledged to move ahead with a procedural vote Tuesday afternoon on the semiconductor bill.

A California bill related to the state’s 2022-2023 budget includes a proposed tax credit for union dues. Once implemented, the tax credit would be the first of its kind in the U.S. Union dues are currently tax-deductible in California and some other states. (A tax deduction lowers a person’s taxable…