Itemized Deductions vs. Above-the-Line Deductions
Updated for tax year 2026. You probably know that claiming income tax deductions reduces your taxable income. But did you know that […] The post Itemized Deductions vs. Above-the-L...
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Updated for tax year 2026. You probably know that claiming income tax deductions reduces your taxable income. But did you know that […] The post Itemized Deductions vs. Above-the-L...
The Internal Revenue Service accepted over 470,000 electronically filed tax returns claiming $977 million in dubious deductions for automobile loan interest.
Tax reform in 2018 changed the nature of filing your tax return by increasing the standard deduction and making most taxpayers ineligible for … Source
Experts argue that since MDR fees are akin to other operational costs, such as rent and salaries, they should qualify for deductions, ultimately reducing the effective cost for com...
The “no tax on” deductions show the drawbacks of using narrowly tailored provisions to provide tax relief.
Taxpayers who have made or plan to make charitable donations during the year should keep good records of all their contributions. Organized records can make tax filing easier and h...
You could lower your taxable income by $2,500 with the student loan interest deduction. Here's how it works. The post Student Loan Interest Deduction: 2026 Income Limits, Who Quali...
Understanding the SALT tax deduction (state and local tax deduction) can help you maximize your itemized deductions by reducing your […] The post The SALT Tax Deduction Explained:...
If you rely on tips as part of your paycheck, you’ve likely heard about the new no tax on tips […] The post No Tax on Tips: What Tipped Workers Need to Know About the New Deduction...
As the winter months approach and the nights begin to roll in, many businesses start to plan and book their annual Christmas bash. What is often the most anticipated gathering of t...
Here’s an updated look at what the IRS considers qualified education expenses for tax year 2026, and what other tax […] The post Tax Breaks Students (and Parents) Can Claim This Ye...
Section 54GB Exemption on Start-up Investment: ITAT Allows ₹1.48 Crore Deduction Proportionate investment qualifies, extended deadline applies and there is no ₹50 lakh cap, say...
Good evening all, new member here and have a question! I was thinking about taking a loan out of one of my 401k accounts to buy a truck, can you write that off on your taxes? It is...
The ITAT Chennai bench viewed the increase from Rs 3 lakh to Rs 25 lakh as an enhancement of an existing benefit, rather than the creation of a new exemption. The Tribunal also fou...
Updated for tax years 2025 and 2026 A car loan interest deduction hit the road in tax year 2025, meaning […] The post Can You Deduct Car Loan Interest on Taxes? appeared first on .
Car Loan Interest Deduction, T.D. 10054, 91 Fed. Reg. 18219 (scheduled for publication Sep. 8, 2026) The release of the final regulations under Treasury Decision (T.D.) 10054...
Taxpayers claiming exemptions under Schedule IV, Table entries 13D and 13E of the Income-tax Act, 2025, must file Form 173A as per the Seventh Amendment Rules, 2026
Section 80GGC: A Bank Payment Is Not Always Enough-But a General Allegation Is Not Enough Either Political donations and tax deductions under section 80GGC have recently become...
Taxpayers who itemize federal returns will likely be able to deduct 100% of their gambling losses against winnings for the 2026 tax year. On Wednesday (Sept. 16), the House Ways an...
Raising kids or caring for a dependent isn’t cheap — especially when you’re juggling work or school on top of […] The post Are Daycare Expenses Tax-Deductible? Understanding the Ch...
For income-seekers, venture capital trusts can provide a rich seam of tax-free dividends to complement income from other sources such as pensions and Isas.
Mumbai's Income-Tax Appellate Tribunal has declared that two flats can be categorized as a single residential house. This pivotal decision paves the way for taxpayers to leverage d...
Section 24(b): Processing Fee, Insurance and Maintenance Charges Can Also Qualify as “Interest” When a taxpayer borrows money to acquire a property and pays the bank not merely...
“It’s as clear a case as you’re ever going to imagine of rewarding a company for doing something markets were already telling it to do,” said Matthew Gardner, senior fellow at the...
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