When President Trump signed the Tax Cuts and Jobs Act into law in December, one of the most controversial changes to the tax code was the curtailment of the state and local tax (SALT) deduction. Under ...

President Donald Trump's "big beautiful bill" increased the SALT deduction limit to $40,000 for 2025. Here's how that could impact your tax return this season.

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. Learn more.

Here’s what’s new for the 2025 tax returns, even if nothing changed, there are several changes to various deductions for filing a return.

If you paid a lot of state and local taxes in 2018, buckle up this tax season — new laws cap how much of those payments you can deduct on your federal tax return. That means more of your income could ...

As homeowners across the U.S. prepare to file their taxes this season, they may be wondering what deductions they qualify for and whether it's worth itemizing or sticking with the standard deduction.

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. Investopedia / Photo Composite by ...

The tax bracket income levels for 2026 are increasing by 2.3% and new tax breaks could allow you to keep more take-home pay.