Discover how same-year tax deductions apply to capital expenditures, with insights into Section 179 deductions and the difference between CapEx and OpEx for tax purposes.

The section 179 deduction allows a small business to take a tax deduction for the entire cost of certain property and equipment in the year it buys that property. That produces a larger, more ...

If you’re an older adult, a new bonus tax deduction could provide a valuable tax benefit. Here's how it works.

The tip deduction doesn’t completely eliminate taxes on tips. The deductible amount is limited, it isn’t available to every worker who receives tips, some tips aren’t deductible, and tips are still ...

Tax credits are generally more valuable than tax deductions. There are many types of each: nonrefundable, partially refundable and fully refundable tax credits, and standard vs. itemized deductions, ...

Tax deductions reduce your total taxable income, also called your adjusted gross income. The Internal Revenue Service offers both personal and business deductions, but business deductions must be ...

The IRS won’t require employers to separately report tips and overtime in 2025, which may be confusing for employees. IRS guidance can help figure the deductions.

There is an above-the-line deduction available for many individual taxpayers for qualified tuition and related expenses. The deductible expenses are defined in the same manner as they are for the ...