When it comes to taxes, high-net-worth individuals and business owners have access to some creative ways to legally deduct ...

The U.S. tax code does not allow taxpayers to deduct penalties assessed by the Internal Revenue Service. However, they may ...

Some might be. In general, most closing costs are not tax-deductible. This is because the IRS regards them as part of the ...

The cap, which would limit how much philanthropic donors can deduct from their state taxes, add to a climate of uncertainty ...

Richards notes that there are a few states that still allow employees to deduct unreimbursed home office expenses that are required for full-time work. The TCJA is set to expire at the end of 2025, ...

But the cost to the state would be hefty: an estimated $334 million in the short term and over $200 million annually afterwards, according to a nonpartisan fiscal analysis.

For student loan borrowers, tax season's creeping up, and if you're wondering how much you can shave off your 2025 taxes with ...