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.

Very few people like tax season, but missing out on valuable deductions could mean leaving money on the table. Many taxpayers overlook key write-offs that could lower their bills or put more money in ...

President Donald Trump's "big beautiful bill" raised the limit on the federal state and local tax deduction, known as SALT, to $40,000 for 2025. From 2018 through 2024, the SALT deduction was limited ...

Forbes contributors publish independent expert analyses and insights. Joseph J. Thorndike writes about tax history. The state and local tax deduction has been a part of the federal income tax from the ...

Americans can easily spend anywhere between $1,000 and $10,000 annually on tax preparation, yet still wait weeks for responses from their accountants, a system that’s reaching a breaking point. With ...

Wondering what tax reporting might look like under the One Big Beautiful Bill Act (OBBBA)? The IRS has released drafts of some 2025 tax forms (that you’ll file in 2026), including a draft of the new ...

A lot of tax planning during the first half of 2025 was focused on what might happen if the individual provisions of the Tax Cuts and Jobs Act were allowed to expire at the end of 2025. Thanks to the ...