Understanding your 1040 is the best way to legally minimize your taxes. Top tax professionals will tell you that effective tax planning needs to be proactive, not reactive. The best tax planning needs ...

Learn how tax deductibles work to lower your taxes. Discover common deductions like student loan interest, charitable ...

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...

Tax Form 1098 tells the IRS how much mortgage interest you paid last year. You may be able to deduct this amount on your Schedule A. Not all mortgage interest is tax deductible. If you have a mortgage ...

When you file your taxes, itemizing deductions can help you reduce your taxable income. Some people are eligible to deduct their sales tax. If you choose to itemize deductions, you’ll have the option ...

Learn how to use IRS Form 4562 to claim depreciation and amortization deductions for business property. Understand the criteria, asset types, and filing process.

Many people will be shocked when they discover the intricate rules — and lack of supporting paperwork — when filing 2025 federal income tax returns.

Form 8829 is used to claim the home office deduction by calculating the business-related portion of home expenses. Self-employed individuals and freelancers can deduct costs such as rent, utilities ...

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 ...