With the new tax regime (NTR) becoming the default regime lately, several taxpayers are anxious about having lost the eligibility to claim deduction. What, however, is not known to many people is ...

President-elect Donald Trump told House Republicans on Saturday to negotiate a “fair number” on the controversial $10,000 cap on state and local tax deductions, also known as SALT, a Politico ...

Certain investments made during the year are eligible for exemptions and deductions from income tax. Individual taxpayers must make these investments before March 31 to claim the advantages in ...

Unlike remote employees, self-employed workers—whose primary place of business is at home—can claim tax deductions for home office expenses. Self-employed individuals can deduct individual ...

This year there’s a $25,000 tax deduction that’s going to expire, and once it’s gone it will be gone for good. If you want to take advantage and cut your tax bill, now is the time to act before you ...

But to help offset that income, the IRS allows you to take certain tax deductions. While you have to keep careful records and document any write offs you claim, these deductions can greatly reduce ...

Every filing season, millions of taxpayers miss out on the opportunity to maximize their tax refunds—leaving billions of dollars in unclaimed tax credits and deductions on the table. Despite ...

Microsoft Excel offers a wealth of pre-built templates that simplify this process, providing a quick and efficient way to ...

The Old Tax Regime is popular among taxpayers as it offers deduction and exemptions on income tax calculation. In the Old Tax System, tax rates are higher, ranging from 2.5% to 30%, but ...

Since I was intent on summarizing and understanding the data from the Excel sheet, I focused on the Formulas page of the ...

Eligible deductions include medical expenses (over 7.5% of AGI), mortgage interest, state/local taxes (up to $10,000 per year), and charitable contributions. The American Opportunity Tax Credit ...

Among the most commonly overlooked deductions are those tied to insurance premiums and medical expenses. While the 2017 Tax Cuts and Jobs Act (TCJA) removed many deductions, the ones discussed ...