The IRS has raised the standard deduction for married couples filing jointly to $32,200 for the 2026 tax year.

Under the new rules, taxpayers who receive qualified tips—defined as voluntary cash or charged tips—in customarily tipped occupations can claim a maximum annual deduction of $25,000 in 2026. This ...

In this week's Ask the Editor Q&A, Joy Taylor answers tax questions on the 20% deduction for qualified business income or QBI ...

The One Big Beautiful Bill Act has supersized the standard deduction for seniors. Starting with 2025 federal returns (filed in 2026), taxpayers 65 and older can claim up to $6,000 in addition to the ...

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) ...

How does the deduction work? Here's what to know about the federal write-off for state and local taxes. A deduction to defray homeowners' state income taxes and local property taxes is getting much ...

Forbes contributors publish independent expert analyses and insights. I cover the intersection of state & federal policy and politics. While the Tax Cuts and Jobs Act (TCJA) permanently cut the ...

It’s been a dizzying few months since Melanie Lauridsen, the AICPA’s vice president–Tax Policy & Advocacy, last appeared on the Journal of Accountancy podcast. In fact, just the past week has been ...

The sweeping GOP tax bill calls for an above-the-line deduction of up to $10,000 in car loan interest during a given taxable year. You'd pay no tax on that interest, if you qualified. The proposed tax ...

Some U.S. homeowners may soon get a sizable tax break thanks to the massive budget package that was passed by the House early Thursday. The legislation — dubbed the One Big Beautiful Bill Act — ...

But the reality is more complicated. Not all seniors will qualify for the deduction, and those most at risk of losing their homes—lower-income seniors and those with little taxable income—might see no ...