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With the standard deduction higher than ever — $32,200 for married couples filing jointly and $16,100 for single filers — most Americans no longer itemize. But that does not mean your opportunity to ...

A much-followed tax break improvement is inching toward becoming a reality. A proposed tweak to the state and local tax (SALT) deduction — capped at $10,000 since 2018 — could soon offer relief to ...

See more of our trusted coverage when you search. Prefer Newsweek on Google to see more of our trusted coverage when you search. When filing a federal tax return, Americans face a key choice that can ...

A new tax break is available this filing season for taxpayers who have car loans on vehicles that meet certain specifications. The One Big Beautiful Bill Act (OBBBA), which was passed through Congress ...

A new tax deduction allows buyers to claim up to $10,000 a year on interest paid for new, American-made cars. The deduction applies to qualifying vehicles purchased between Jan. 1, 2025, and Dec. 31, ...

Social Security's trust funds are expected to be depleted in 2032. This could lead to benefit cuts unless the government reforms the program. The new senior tax deduction could accelerate the trust ...

If you're 65 or older, you could have a bigger tax refund coming your way this year thanks to the new senior deduction. Not everyone will qualify, but those who do will pay taxes on $6,000 less this ...

At a 12% marginal tax rate, for example, the $6,000 enhanced senior deduction for a single taxpayer who is 65 or older would result in $720 in tax savings. The new enhanced deduction for seniors on ...

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 ...

The deduction is designed to help seniors reduce their taxes through 2028. The lowest-income seniors are unlikely to benefit from the deduction. Experts worry about the impact the tax break will have ...