When you file your taxes, itemizing deductions can help you reduce your taxable income. Some people are eligible to deduct their sales tax. If you choose to itemize deductions, you’ll have the option ...

Learn how tax deductibles work to lower your taxes. Discover common deductions like student loan interest, charitable ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Photo by JIM WATSON/AFP via Getty ...

The IRS is adjusting the income limits for its federal income tax brackets to account for the impact of inflation, an annual reset that could provide relief for some Americans when they file their ...

The sales tax deduction lets you deduct the state and local sales taxes you’ve paid throughout the year, but only if you itemize your deductions. If you live in a state with no income tax or have made ...

The Internal Revenue Service (IRS) on Tuesday announced its inflation adjustments to tax brackets and deductions for the 2025 tax year, potentially giving Americans a chance to increase their ...

The IRS on Tuesday announced its new inflation-adjusted tax brackets for 2025, with the annual income thresholds rising by about 2.8% from 2024 — the smallest jump in several years. The IRS each fall ...

New House bill changes standard deduction for seniors over 65. On the campaign trail, President Donald Trump pledged to eliminate federal income taxes on Social Security benefits for seniors. However, ...

Here’s who is eligible for a new proposed Social Security tax break. The House Ways and Means tax bill is out, and older Americans hoping for a tax break on their Social Security benefits received a ...