The House's first draft of tax legislation includes a provision sought by President Donald Trump to allow tax deductions for interest on car loans. The 389-page tax bill, which is a starting point for ...

Fortunately, there are certain situations where pet-related expenses may earn you a tax deduction. Understanding when and how to take these deductions can make a significant difference in managing ...

Direct File has come under fire during Trump's second term, and now it might be taking a final step toward the chopping block ...

New data from the Internal Revenue Service (IRS) reveals that the average tax refund for the 2024 filing season has increased compared to last year, even as the total number of refunds issued ...

The fate of President Donald Trump’s tax legislation may rest on whether the GOP can find common ground on tax breaks for high earners in predominantly Democratic states — and the issue also ...

Although the due date for your 2025 federal income tax return is a long way off (it's not until April 15, 2026), smart ...

Rep. Bill Huizenga introduced the Made in America Motors Act, proposing a tax deduction on interest paid on U.S.-assembled vehicle loans. The proposed deduction allows up to $2,500 per year for ...

Rep. Bill Huizenga introduced the Made in America Motors Act, proposing a tax deduction on interest paid on U.S.-assembled vehicle loans. The proposed deduction allows up to $2,500 per year for ...

Separately, the tax office denied more than $10,000 in deductions claims from one fashion industry worker, who argued their apparel purchases were relevant to the job, along with related dinners ...

Tax expert Mark Chapman has warned you should keep hold of your receipts even if Labor passes its $1,000 tax deduction policy. (Source: H&R Block/Getty) "Many taxpayers will still need to keep full ...

On the House side, leaders are struggling to find consensus on a host of hot-button issues, headlined by Medicaid cuts and the state and local tax (SALT) deduction cap. Top lawmakers are looking ...

Contributions to a traditional IRA may be tax-deductible, which gives you two major advantages: They lower your taxable income for 2024. Your money grows tax-deferred until you withdraw it.