Tax deductions

The new IRS Tax Withholding Estimator accounts for changes to tax credits and deductions introduced by the One Big Beautiful Bill Act.

What are taxpayers currently asking their preparers?

The new Schedule 1-A and updated instructions enable taxpayers to claim the new tax breaks for tips, overtime, car loans and senior citizens for tax year 2025.

With no guidance available, tax practitioners and their clients have to figure out how much risk they want to take.

Wealthy taxpayers in high-tax states like California, New York and New Jersey are the biggest winners, as are workers who collect tips or overtime, and seniors.

In Notice 2025-69, the IRS and the Treasury offer clarifications and examples of how to claim the One Big Beautiful Bill Act deductions.

Lawmakers introduced two pieces of legislation to completely eliminate taxes on Social Security benefits and extend the premium tax credits for health insurance for one year

What tips qualify, which don't, how to file and more.

Many of the provisions of the OBBBA benefit businesses, but colleges and universities will take a hit, as will companies in renewable energy.

The president's signature tax law allows a long-standing business deduction for the cost of food provided to employees to expire.

Tax clients are already starting to ask their accountants about the many changes in the massive One Big Beautiful Bill Act passed by Congress last week.

Donor-advised funds are continuing to grow while enjoying substantial tax deductions -- even as many contributions go to other DAFs.

A sizable increase to the current $10,000 limit on SALT write-offs would represent a major victory for a crucial group of swing-district House Republicans.

Uncertainty around sunsetting provisions should have professional athletes planning ahead on their taxes.

The agency will begin three to four dozen new audits this spring to see if inappropriate deductions were made.

The new deduction rates apply to electric and hybrid vehicles, as well.

The regulations address new subsections of the law from the SECURE 2.0 Act.

The ultra-wealthy are using DAFs and private foundations to avoid taxes and exert influence, at the expense of ordinary taxpayers.

The service announced its annual inflation adjustments, including increases in the standard deduction and changes in tax brackets.

Four forms in particular contain insights to a client's financial life and how to serve them better. We explain them here.