The IRS allows you to claim deductions that reduce the amount of tax you owe. Those deductions either are itemized deductions ...

The One Big Beautiful Bill Act raises the SALT deduction cap to $40,000 for 2025, potentially prompting more taxpayers—especially in high-tax states—to itemize and increase their tax savings.

For tax year 2025, an individual filer over 65 will be able to deduct up to $23,750 from their federal return.

Many taxpayers will itemize deductions again on their 2025 federal tax return due to changes affecting the SALT deduction (State and Local Tax deduction). In this clip, we explain why ...

A new deduction will lower the tax bill for many older Americans this year. Taxpayers, however, need to ensure they qualify ...

When the Tax Cut and Jobs Act of 2017 (TCJA) was a major overhaul of the federal tax code that was designed to both reduce taxes and simplify tax filings for most taxpayers. You may recall that tax ...

It’s a decision that every taxpayer is faced with when choosing how to claim deductions on their federal tax return: Do you take the standard or do you itemize? Making the right choice could mean more ...

Each spring, millions of taxpayers face a deceptively simple question — take the standard deduction or itemize? For those not versed in the lingo of taxes, the distinction can be confusing. But ...

HUNTSVILLE, Ala. (WAFF) - The One Big Beautiful Bill Act will impact the way you pay taxes this year, especially if you plan to use itemized deductions. Financial expert Jay McGowan from the Welch ...

A new $6,000 senior tax deduction in Trump's new tax bill, the One Big Beautiful Bill, starts in tax year 2025, offering potential savings for retirees 65 and older.

President Donald Trump’s One Big Beautiful Bill Act (OBBBA) raised the state and local tax (SALT) cap deduction to $40,000 from the previous $10,000, as previously reported by GOBankingRates. For ...