New IRS Schedule 1-A for 2025 introduces 4 new deductions for tips, overtime, car loan interest and seniors. These changes could lower your tax bill.

The enhanced deduction for seniors applies on 2025 tax returns to adults born before Jan. 2, 1961.

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

Due to several major tax rule changes, your 2025 return might feel unfamiliar even if your income looks the same.

The Internal Revenue Service (IRS) is introducing a new form, Schedule 1-A, to streamline the process of claiming deductions for tips, overtime, auto loan interest, and senior benefits. This ...

The "One, Big, Beautiful Bill" introduced major new tax deductions. Learn if you can benefit from no tax on tips, overtime, car loan interest, or the new senior deduction.

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...