The IRS allows you to claim deductions that reduce the amount of tax you owe. Those deductions either are itemized deductions or standard — a flat rate.

President Donald Trump’s One Big Beautiful Bill Act, which was recently signed into law, offers Americans a number of tax benefits. It makes many of the changes from the Tax Cuts and Jobs Act (TCJA) ...

A practical walkthrough of individual tax-planning essentials ...

Understanding whether there is a limit on itemized deductions can significantly impact financial planning and tax liabilities. TRAVERSE CITY, MI, UNITED STATES ...

Forbes contributors publish independent expert analyses and insights. Kristin McKenna, President, Darrow Wealth Management in Boston, MA The first quarter of a new year typically means focusing on tax ...

When the Tax Cut and Jobs Act of 2017 (TCJA) was a major overhaul of the federal tax code that was designed to both reduce taxes and simplify tax filings for most taxpayers. You may recall that tax ...

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.