Tax deductions

Advocates say they'll continue pushing for the write-off, but it is not widely popular.

The pandemic-related tax provision permits more people to deduct donations to qualifying charities on their 2021 federal income tax return.

Well-off professionals in costly areas of the U.S. are set to get a windfall from competing plans to change the deduction limit for state and local taxes.

The service released its annual inflation adjustments Wednesday, including the standard deduction amount for individual and married taxpayers.

That Rothko, Basquiat or Banksy hanging in the front hall may be a great way to get a tax break.

Most advisors don’t know about the tax benefit for qualified small business stock, which can put millions of dollars tax-free into an entrepreneur-client’s bank account.

Sen. Wyden’s bill would give the benefit to currently ineligible professions while curbing its use by wealthy business owners.

Pulling the costs directly out of clients’ IRAs can blunt the sting, but it shrinks the pot of tax-deferred retirement assets.

Some taxpayers, including those who aren't millionaires, have been hammered by the limit, writes Bloomberg’s Alexis Leondis.

When it comes to gifting to a child that isn’t your own, author Erin Lowry writes things do become a tad more complicated.