Taxpayers face a learning curve for figuring out how key tax deductions in the mega tax bill will work when they file 2025 tax returns next year.

Everyone pays federal taxes, but not all income is taxable. Learn which types of income are exempt from federal taxes and how they can help you save money.

Unless you have given away more than $13 million in your lifetime, a $75,000 gift will not trigger the federal gift tax. Using this for a down payment also does not affect the result. A financial ...

September 28, 2025 - WASHINGTON — The Department of the Treasury and the Internal Revenue Service have provided guidance on “no tax on tips” provision. The One, Big, Beautiful Bill proposed ...

Recently, the IRS sent him notice that he owes $3,000 in taxes because the truck loan that was written off was considered income for that year and he owed taxes on it. He wasn’t aware of that at the ...

The Income Tax Department found from its sources that a large amount of cash was deposited in the bank account of a taxpayer, who is a teacher by profession. Consequently, her case was re-opened under ...

No one is out to get you, even if you feel that way. Under President Joe Biden, the IRS targeted wealthy households and brought in more than $1.3 billion in overdue taxes over the course of about a ...

IRS: The IRS is introducing Schedule 1-A for 2025 tax returns, offering new deductions for qualified tips, overtime pay, car loan interest on new, U.S.-assembled vehicles, and an enhanced deduction ...

Joy Taylor: The tips deduction begins to phase out at modified AGI over $300,000 for joint filers and $150,000 for other filers. More specifically, the write-off is reduced, but not below zero, by ...

IRS rolls out Schedule 1-A for 2025, adding new deductions for tips, overtime, car loans on U.S.-made vehicles, and enhanced breaks for seniors.