Forbes contributors publish independent expert analyses and insights. Joseph J. Thorndike writes about tax history. The state and local tax deduction has been a part of the federal income tax from the ...

Compare what you paid in sales tax to your state and local taxes. Deduct the larger of the two. But there's a catch. Many, or all, of the products featured on this page are from our advertising ...

A bigger standard deduction, changes in the itemizing rules and new temporary deductions all complicate the decision. Here’s how to choose the option that’s best for you. When it comes to federal ...

QBI includes the income, minus wage income, deductions, applicable gains and losses, for every eligible pass-through business that a taxpayer operates in the United States or Puerto Rico. This income ...

Although recent legislation introduced many tax deductions, there aren't as many changes to keep track of for the 2026 tax year. That said, it's still important to learn about changes and enhancements ...

Tax season often carries a distinct financial weight for older Americans. Fixed incomes, Social Security benefits, retirement distributions and rising healthcare costs all factor into a filing picture ...

The senior deduction is an exemption for filers 65 and older introduced in the One Big Beautiful Bill Act, allowing seniors to claim an additional $6,000, whether they itemize or take the standard ...