Filing taxes can be daunting, but understanding your options for reducing your taxable income can help make it easier and save you money. U.S. taxpayers have two main options for reducing their ...

The IRS announced updated inflation adjustments for the 2026 tax year, including new federal tax brackets and higher standard ...

Taxpayers can reduce their IRS bill by deducting qualifying expenses from their taxable income. The easiest way to do that is to take the standard deduction, a flat rate offered to nearly all ...

Ryan Polk does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their ...

Itemized deductions and the standard deduction are two options that taxpayers can choose when filing their tax returns. The choice affects how much taxable income is reduced, potentially influencing ...

The standard deduction is rising in 2026 by $350, or $700 for couples. The tax brackets are changing slightly as well. Assuming the same income, your tax bill could go down slightly for 2026. The ...

As inflation has cooled down, taxpayers can expect to see relatively slight changes ahead in the annual inflation adjustment for tax brackets and some tax breaks for 2025. The Internal Revenue Service ...

American taxpayers aged 65 and older will receive a new $6,000 bonus tax deduction next year as part of President Donald Trump’s One Big Beautiful Bill Act. The temporary deduction comes alongside ...