Tag Archive for: tax deductions

You Don’t Have To Itemize To Deduct Charitable Donations In 2026

Beginning in 2026, taxpayers who take the standard deduction may deduct up to $1,000—or $2,000 for married couples filing jointly—in qualifying charitable cash contributions.

IRS Eyes Charitable Donation Abuse In New Audits, Tax Pros Say

The IRS is increasing audits of non-cash charitable donations, with tax professionals reporting greater scrutiny of asset valuations, appraisal requirements and technical filing rules as the agency broadens enforcement beyond conservation easements.

IRS Cracks Down On Travel And Meal Deductions: What Expenses Won’t Fly In 2025

Inflated or unsupported business travel and meal write-offs could trigger audits or penalties. Experts say this move reflects the IRS's broader effort to curb abuse of business expense claims.

Major 401(k) Tax Break For Certain Earners Is Coming To An End

The IRS has issued final regulations for a 2022 law, which will require high-earning workers aged 50 and up to make pre-tax catch-up contributions.

Seven Ways To Reduce Taxable Income

Due to tiered tax brackets and a progressive tax system—the more you make, the more you might end up paying. But there are many ways to lower your taxable income—and ultimately—the amount of taxes you pay.

What The Restart Of Student Loan Payments Means For Your Taxes

Student loan borrowers bummed out by the resumption of their bills this fall may be eligible for a break on their 2023 taxes. The student loan interest deduction allows qualifying borrowers to deduct up to $2,500 a year in interest paid on eligible private or federal education debt.