Westfield plans to conduct a payroll audit going back 17 years—to when the former town became a city—after officials recently discovered a firefighter had experienced incorrect payroll deductions for ...

S-corporation owners may deduct home-office costs by reimbursing through the company. To benefit, expenses must be documented and done under fringe-benefit rules. Deductions are limited by the S ...

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them. As tax season approaches, we’re all searching for tax ...

Section 164 of the Internal Revenue Code highlights the SALT deduction, which allows individual taxpayers to deduct taxes paid to state and local governments. These taxes often include property taxes ...

Until enactment of the One Big Beautiful Bill Act, officially P.L. 119-21, the availability of a below-the-line deduction that was not the standard deduction or an itemized deduction was a rare event.

Taxpayers can reduce their IRS bill by deducting qualifying expenses from their taxable income. The easiest way to do that is to take the standard deduction, a flat rate offered to nearly all ...

Tax deductions can impact your taxable income, reduce your overall tax liability and potentially increase your refund. Tax deductions are specific expenses that the IRS allows taxpayers to subtract ...

Q. Hi, Dan. I don’t understand why people are talking about the new deduction for charitable gifts next year. Haven’t charitable gifts always been deductible? — Carl in Rockledge A. Carl, for millions ...

The $6,000 senior tax deduction was introduced as part of the 'One Big Beautiful Bill Act' (OBBBA), signed into law on July 4, 2025. This legislation aims to provide financial relief to taxpayers aged ...

The SALT deduction is only available to taxpayers who itemize their deductions rather than claiming the widely used standard deduction The decision on whether to take the standard deduction or itemize ...

For a long time, the standard deduction has been a straightforward option for many U.S. taxpayers. It allows most filers to reduce their taxable income without needing to itemize deductions. The ...

Wondering what tax reporting might look like under the One Big Beautiful Bill Act (OBBBA)? The IRS has released drafts of some 2025 tax forms (that you’ll file in 2026), including a draft of the new ...