Every year, one of the main components of the Budget presentation is the income tax, as taxpayers keenly watch for changes in the s.

Finance Minister Nirmala Sitharaman presented the Union Budget 2026 on Sunday, February 1. She announced that the income tax slabs for individuals will remain unchanged. This means people will pay ...

Old tax regime or new tax regime? Here’s a detailed comparison of income tax slabs, deductions, exemptions, and which option works better for salaried taxpayers ahead of Budget 2026.

The introduction of the New Tax Regime, with lower rates but significantly fewer exemptions, has revived public debate about ...

OBBBA has introduced a ‘Seniors Deduction’ for retirees over 65, of up to $6,000 for individuals ($12,000 for couples), in 2026 tax filings.

The IRS mileage reimbursement rate allows eligible taxpayers to deduct vehicle use for qualifying purposes. Learn which trips ...

The standard deduction and the SALT cap are both higher, and there are new perks for seniors, those who financed new cars and ...

In Budget 2025, FM Sitharaman gave a boost to taxpayers by overhauling the new tax regime to reduce income tax outgo, ...

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, ...

Benjamin Franklin famously quipped that there’s nothing certain in life other than death and taxes. Any changes to the latter pique the interest of most Americans. As it does annually, the IRS ...

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