Some home improvements qualify as tax deductions, especially if they meet the IRS definition of “capital improvements.” If that sounds tricky, don’t sweat it. We’ll walk you through the ...

If they only had earned income (e.g., from wages), they have to file only if their income exceeds the standard deduction for the tax year ($14,600 for 2024 and $15,000 for 2025). The filing ...

They said, a list of common employers (TDS deductors) has been identified and tax department would be reaching out to as many persons as possible who are suspected to have claimed bogus deductions ...

Tax Deductions: Here are some expected tax deduction terms you should know ahead of the budget. Union Budget 2025: The Union Budget is a crucial document that gives an insight into the government ...

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 ...

Currently, salaried employees and pensioners enjoy a standard deduction of ₹50,000 under the old tax regime and ₹75,000 under the new one. Experts believe this could rise to a maximum of ₹1 ...

They want President Trump to increase a tax deduction for their residents, and Mr. Trump told them he will do so despite its costs for the GOP’s larger agenda. Their plea concerns the state and ...

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 ...

In the old tax regime, the basic exemption limit for senior citizens was ₹3 lakh; for super senior citizens, it was ₹5 lakh. There is also talk of increasing the standard deduction for ...

This regime's tax rates are lower than those of the old regime, but it phases out most of the exemptions and deductions. This means if you want to avail any of these exemptions, you must opt ...

Tax deductions are specific expenses that the IRS allows taxpayers to subtract from their total income. By lowering taxable income, deductions effectively decrease the overall tax liability ...