Most people claim the standard deduction on their federal tax return instead of itemizing deductions. How much can you claim?

The most significant tax overhaul since 2017 creates unprecedented opportunities—but only for those who act before December 31, 2025.

Itemized deductions and the standard deduction are two options that taxpayers can choose when filing their tax returns. The choice affects how much taxable income is reduced, potentially influencing the amount of taxes owed. The standard deduction is a ...

The new IRS tax brackets move deductions up in the wake of President Donald Trump's "One, Big, Beautiful Bill."

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.

Here's a list of federal tax deductions and credits that you can't claim in the 2026 tax year. Plus, high-income earners could get hit by a 'surprise' tax bill.

Understanding whether there is a limit on itemized deductions can significantly impact financial planning and tax liabilities. TRAVERSE CITY, MI, UNITED STATES ...

As the April 15 tax deadline approaches, here’s what you need to know about claiming deductions on your tax return. The standard deduction is a flat-dollar reduction to your adjusted gross income (AGI). For the 2024 tax year, the standard deduction for ...

For financial advisers and wealth managers, these IRS adjustments and OBBB reforms highlight a clear message: tax planning is now more fluid than ever. The expanded standard deduction, enhanced childcare credits, and larger estate tax thresholds could reshape cash flow and legacy planning conversations heading into 2026.