The section 179 deduction allows a small business to take a tax deduction for the entire cost of certain property and equipment in the year it buys that property. That produces a larger, more ...

Business taxpayers are often entitled to extra self-employed and small business tax deductions, which can potentially lead to ...

Most people claim the standard deduction on their federal tax return instead of itemizing deductions. How much can you claim?

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Lea Uradu, J.D., is a Maryland state registered tax preparer, state-certified notary public, ...

Tax deductions reduce your taxable income, potentially lowering what you owe. Itemizing deductions can outweigh the standard deduction if summed deductions exceed it. Tax credits directly decrease ...

A pre-tax deduction can be an invaluable financial tool for both employer and employee – here’s how it works Pre-tax deductions play a major role in the way employers handle employee paycheck tax ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. She ...

Filing taxes can feel overwhelming, but one of the most important decisions you'll make is also one of the simplest: whether to take the standard deduction. For single filers, this deduction offers a ...

Beginning on 2025 tax returns, new car buyers might qualify for an above-the-line deduction of up to $10,000 in car loan interest in a year. Taxpayers will not be able to deduct interest on loans ...

Drivers are looking at a long list of rules if they're hoping to claim a new tax deduction for car loan interest on 2025 ...

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.

Two short weeks ago, we dissected perhaps the most widely-anticipated but least-understood aspect of the Tax Cuts and Jobs Act: the new deduction available to business owners. As a reminder, under the ...