The tip deduction doesn’t completely eliminate taxes on tips. The deductible amount is limited, it isn’t available to every worker who receives tips, some tips aren’t deductible, and tips are still ...

Workers who claim the new deduction will see an average tax cut of around $1,400, although some could realize larger savings.

Tax season is underway and you have until April 15 to file your return with the IRS. If you want to avoid the stress of the ...

Parents looking for tax breaks will have a number of options to claim, but undocumented and mixed status families are at risk of losing certain federal tax benefits.

A new tax deduction for people over age 65 has some thinking about Medicare premiums and MAGI strategy.

Seniors 65 and older can claim a new federal tax deduction up to $6,000 for 2025, but it's not automatic. Learn how to get ...