Learn how to deduct casualty and theft losses on your taxes effectively. Understand eligibility, criteria, and the filing ...

About 144 million Americans may qualify for the 2026 universal charity deduction, while high earners face new IRS limits.

Itemizing is a way to pick and choose your tax deductions. Here's how it works and how to tell if it's for you. Many, or all, of the products featured on this page are from our advertising partners ...

Each spring, millions of taxpayers face a deceptively simple question — take the standard deduction or itemize? For those not versed in the lingo of taxes, the distinction can be confusing. But ...

This article is the first in a new column, Personal Financial Planning, covering the role of CPAs in advising individuals and ...

Understanding your 1040 is the best way to legally minimize your taxes. Top tax professionals will tell you that effective tax planning needs to be proactive, not reactive. The best tax planning needs ...

The new federal break for older taxpayers is not a "retirement tax credit" at all, but a sizable extra deduction that trims ...

Two types of tax breaks stand out among all the lingo: credits and deductions. Each lowers your tax liability, which is the total annual tax owed on your income. (That figure can be found on line 24 ...