The IRS has released new guidance to help taxpayers who are eligible to claim the deduction for tips and for overtime compensation for tax year 2025. (The guidance to help employers and other payers ...

President Donald Trump's "big beautiful bill" increased the SALT deduction limit to $40,000 for 2025, up from $10,000 in 2024. The cap reverts to $10,000 in 2030, which leaves five years to leverage ...

Many of you have your W-2s and are ready to do your taxes. But before you file, there's one thing to remember: there are big changes this year. 7 On Your Side is explaining some of the deductions that ...

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 ...

As much as seniors love a new tax break, a risk exists that retirees and others will miss out if they think the new enhanced deduction for seniors on 2025 federal income tax returns is somehow ...

Tax season is fast approaching and several tax policy changes impacting older Americans will be in effect when seniors go to file their returns. The enactment of Republicans' One Big Beautiful Bill ...