Taxpayers face a learning curve for figuring out how key tax deductions in the mega tax bill will work when they file 2025 ...

Seniors must avoid the MAGI ($75k/$150k) trap, file Schedule 1-A jointly, and know the $6k deduction won't lower AGI for other benefits. Use the W-4 worksheet!

Despite having to go through the process every year, there never fails to be a tinge of anxiety around tax filing time. Many local libraries and senior centers are offering free tax preparation ...

Tax credits for seniors refer to specific reductions in tax liabilities designed to benefit older individuals. These credits aim to alleviate the financial burden of seniors by reducing their taxes ...

The Internal Revenue Service is taking steps to make sure taxpayers and tax preparers can reflect OBBBA changes in 2025 tax returns.

Plus: Proposed regulations for “no tax on tips,” new tax forms, Roth catch-up contributions, charitable donation deductions, ...

It’s a great question. As we get older and our financial life gets more complicated, it’s difficult to know how long to keep old financial records and paperwork and when it’s safe to get rid of them.

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 ...