The standard deduction is bigger than ever, itemizing rules have changed, and new deductions complicate matters. Here’s how ...

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

The SALT deduction is only available to taxpayers who itemize their deductions rather than claiming the widely used standard deduction The decision on whether to take the standard deduction or itemize ...

Beginning in 2026, tax filers who claim the standard deduction may be allowed to take a new above-the-line deduction for cash contributions to qualifying charities. You will not need to itemize ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Photo by JIM WATSON/AFP via Getty ...

Benjamin Franklin famously quipped that there’s nothing certain in life other than death and taxes. Any changes to the latter pique the interest of most Americans. As it does annually, the IRS ...

The One Big Beautiful Bill Act allows taxpayers aged 65 and older to claim an additional $6,000 deduction without having to itemize their deductions. This deduction, which will tak ...

Many Baby Boomers miss valuable tax deductions each year. Learn eight often-forgotten breaks, including a new $6,000 senior deduction and other savings.

Middle-class retirees may qualify for powerful tax deductions in 2026. These seven strategies can lower taxable income and help protect retirement savings.