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

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Although paying taxes is a fact of life, the IRS offers taxpayers the ability to reduce what they owe via various tax deductions and tax credits. But it’s not as simple as it sounds. Before you can ...

Tax deductions reduce your total taxable income, also called your adjusted gross income. The Internal Revenue Service offers both personal and business deductions, but business deductions must be ...

About 144 million Americans may qualify for the 2026 universal charity deduction, while high earners face new IRS limits.

This article is the first in a new column, Personal Financial Planning, covering the role of CPAs in advising individuals and ...

Two types of tax breaks stand out among all the lingo: credits and deductions. Each lowers your tax liability, which is the total annual tax owed on your income. (That figure can be found on line 24 ...

There is an above-the-line deduction available for many individual taxpayers for qualified tuition and related expenses. The deductible expenses are defined in the same manner as they are for the ...

The grain glitch was an unintended consequence of Section 199A, the provision that created the 20 percent tax deduction on income derived from pass-through businesses designed to replicate the tax ...

The Tax Cuts and Jobs Act -- signed into law on December 22, 2017 — gave birth to a brand new provision: Section 199A, which permits owners of sole proprietorships, S corporations, or partnerships to ...

Forbes contributors publish independent expert analyses and insights. I write about charitable giving and estate planning ideas. Trusts may hold the key to salvaging charitable contribution deductions ...