The 2026 tax season can be summed up in two words: Complexity and cash. Many can expect bigger refunds, but detailed rules ...

The charitable donation tax deduction lets you write off qualified gifts to nonprofit organizations, but there are rules to ...

The new, temporary senior deduction gives taxpayers 65 and older who fall within income limits the opportunity to deduct up to $6,000 per person in income from their federal returns or up to $12,000 ...

The sales tax deduction lets you deduct the state and local sales taxes you’ve paid during the year, but only if you itemize your deductions. If you live in a state with no income tax or made a large ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Johner Images/Getty Images A new ...

What is the standard deduction? Most taxpayers claim the standard deduction, a fixed amount you can deduct to reduce your taxable income and lower your federal tax bill. Unlike itemized deductions, ...

Social Security benefits remain taxable on federal income tax returns. But many older adults can save money with new enhanced ...

These changes, which take effect this year, are designed to provide tax relief across a broad range of categories, from working Americans and seniors to business investment and family support. Notices ...