KEY TAKEAWAYS The 'One Big, Beautiful Bill' introduced several new tax deductions, some of which will apply to the money ...

Millions of U.S. workers who earn tips and overtime pay may be eligible for a federal tax break when they file their 2025 ...

Here's a look at whether you should be delighted or worried about the bill. (Spoiler: You may want to put away the confetti ...

President Donald Trump’s mega tax-and-spending cuts bill, signed into law last week, contains plenty of new tax provisions, the contours of which Americans are still digesting.

For heads of households, the standard deduction will be $22,500 for tax year 2025 — up $600 from 2024. About 90% of taxpayers claim the standard deduction now and do not itemize deductions.

If you itemize your tax deductions and like to contribute financially to the causes and groups that you support, do it before the end of the year to best reduce your taxable income for 2024.

New standard deduction for 2025. The standard deduction in 2025 will rise to $30,000 for married couples filing jointly, a roughly 2.7% increase from the current tax year's $29,200.

Here are the IRS 2024 tax brackets and standard deduction increases. By Dominic Genetti, Staff writer Dec 16, 2024. Tax season is coming soon, here's what you need to know. alfexe/Getty Images.

The IRS on Tuesday announced new inflation-adjusted tax brackets for the coming year, setting the standard deduction for a single filer at $15,000 and for a married couple at $30,000 for the first ...

The standard deduction — which is the amount of money you can reduce from your income before it's taxed, if you choose not to itemize your deductions — will increase to $15,000 for individual ...