The standard deduction is bigger than ever, itemizing rules have changed, and new deductions complicate matters. Here’s how to choose the option that’s best for you.

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 write-off available to nearly all ...

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 type of deduction you take can reduce your tax bill, or even determine how much you get back in refunds this tax season. But what is the difference between standard and itemized deductions? Is one ...

Itemized deductions are specific expenses you can subtract from your taxable income to potentially lower your tax bill. In some cases, they can save you more than the standard deduction, especially if ...

Until enactment of the One Big Beautiful Bill Act, officially P.L. 119-21, the availability of a below-the-line deduction that was not the standard deduction or an itemized deduction was a rare event.

If you’re 65 or older, you can benefit from some generous provisions of the tax code. In addition to a larger standard deduction, seniors now qualify for a new bonus deduction that applies from 2025 ...