Be INformed

In 2025, you can deduct charitable contributions only if you itemize deductions on your federal income tax return. Beginning in tax year 2026, An above-the-line charitable deduction has been reinstated for taxpayers who claim the standard deduction.

Workers in up to 68 occupations can reduce their tax cost by using the tip deduction.

Contribution limits and the mandatory Roth catch-up income threshold are adjusted for inflation on a periodic basis.

For the 2025 tax year, seniors, age 65 and older, can take advantage of a new $6,000 tax deduction. The new deduction will be available through 2028.

Here are five specific tax provisions to pay close attention to: Qualified business income deduction(QBI) If you run a sole...

New legislation includes multiple tax provisions that will make permanent most of the 2017 Tax Cuts and Jobs Act (TCJA) tax provisions that were set to expire this year, while adding some new deductions and changes.