A new tax break on overtime pay will save money for many workers. But the savings are less than you'd expect based on what doesn't qualify.

As of the 2025 tax year, 16 states and the District of Columbia offer some form of child tax credit, ranging from nonrefundable deductions to fully refundable credits that can generate refunds even if ...

The Tax Court determined that W-2 wages that are not deductible under Sec. 280E in calculating taxable income are not included when calculating the Sec. 199A qualified business income (QBI) deduction.

Tax filing season 2026 has officially kicked off, and with it, a number of new policy changes affecting the way taxes are handled. One major provision filers should know about is the a new “No Tax on ...

Many of you have your W-2s and are ready to do your taxes. But before you file, there's one thing to remember: there are big changes this year. 7 On Your Side is explaining some of the deductions that ...

The new senior tax deduction is worth up to $6,000 for single adults and $12,000 for married couples. This reduces your taxable income for the year, potentially resulting in greater tax savings. It's ...

A new tax form, Schedule 1-A, introduces four new deductions for the 2025 tax year. All four write-offs are "below-the-line" deductions, which reduce taxable income but not adjusted gross income. Each ...

Baby Boomers, born between 1946 and 1964, which means they range from about 62 to 80 years old in 2026, face a unique tax landscape as they balance retirement income, savings withdrawals, and rising ...

Tax season 2026 is here, and the savvy tax filer can take advantage of increases made to the SALT deduction this year. According to Thomson Reuters, the SALT deduction will bring particular relief to ...

The IRS began accepting 2025 federal income tax returns on Jan. 26. Some of the changes, passed in the Big, Beautiful Bill Act last year, impact returns this tax season. Read on for key deductions and ...

Tax cuts are back in the news, and one of the most closely watched provisions is the overtime pay deduction in the 2025 tax bill, known by some as the "big beautiful bill." President Donald Trump has ...