The standard deduction changes each year based on inflation. How much of a deduction you're entitled to depends on your age, filing status and other factors.

Tax deductions can lower the amount of income that is subject to tax. Here's more on how tax deductions work, plus 25 tax breaks that might come in handy.

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

Charitable tax deductions are about to see the biggest changes in nearly a decade in 2026 thanks to President Donald Trump ’s ...