The IRS has announced the annual inflation adjustments for the year 2025, including tax rate schedules, tax tables and ...

Learn who qualifies for home office tax deductions, how to calculate them, and other business write-offs like car mileage and supplies.

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

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. Investopedia / Photo Composite by ...

Tax deductions are expenses that can be subtracted from an individual's taxable income, effectively reducing the amount of income subject to taxation. Tax deductions can help individuals lower their ...

Social Security benefits remain taxable on federal income tax returns. But many older adults can save money with new enhanced deduction for seniors.