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The Latest Breaking News from Tax Deduction

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.

Top News

Mortgage Interest Tax Deduction: What You Need to Know

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

Kiplinger

'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.

Roll Call

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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.

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.

Kiplinger

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.

Chicago Sun-Times

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.

Kiplinger

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

The Guardian - AU

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”.

Sports Illustrated

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

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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.

Bangkok Post

E-donations to be given tax cut priority

Donations to education, sports and social development will only gain a double tax deduction if they are made via an electronic channel, said Vinit Visessuvanapoom, deputy director-general of the Revenue Department.

Chicago Sun-Times

Give gun owners a tax break for getting rid of their weapons

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.

Bangkok Post

Tax deduction period extended for health foundation donations

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

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The Times of India

Big write-offs, Tax-cut perks: Key takeaways from Donald Trump’s tax returns

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.

Tribune News Service

Big write-offs, tax-cut perks: Key takeaways from Trump’s tax returns

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.

Bangkok Post

Revenue chief calls for tax measure rejig

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

Roll Call

Test vote on 'chips-plus' bill teed up in Senate - Roll Call

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

Ballotpedia

Union Station: California’s Workers Tax Fairness Credit would be the first tax credit for union dues in the U.S.

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…

The New Daily

Preparing your tax return? Here are the COVID-19 tax deductions you may not have heard about

The clock is ticking towards the end of the financial year, which means it's time to start preparing your tax return. Here are some COVID-era deductions.

The New Daily

How to make the most of work-related expenses as tax time approaches

With the end of the financial year fast approaching it's time to turn your mind to maximising work-related tax deductions.

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