The deduction is rising to at least $40,000, from its current $10,000 limit. That amount will increase each year through 2029, and then it will revert to a $10,000 cap. The new law also says only ...

Relocating for a job can impact your tax situation. Understand how your move affects your income tax liability, deductions, ...

What receipts do I need to claim the sales tax deduction? Keep receipts for major purchases such as vehicles, boats, RVs, home-building materials or large electronics.

Even while most focus only on standard deductions, there are several hidden credits and deductions that can significantly ...

An individual in the first income tax bracket has a combined tax rate of 20.05 per cent (federal 15 per cent and B.C. 5.05 per cent), while an individual in the top income tax bracket has a combined ...

Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.

As the One Big Beautiful Bill Act (OBBBA) faces a critical test in the Senate, opponents are pointing to a Congressional Budget Office (CBO) analysis to ...

If a salaried person chooses the new tax regime for the financial year, they wont be able to claim most deductions. However, ...

The Bombay High Court held that insurance claim received on dead horses is capital receipt, not taxable as income under Section 41(1) Of Income Tax Act. The bench opined that horses ...

The bill extends portions of the Tax Cuts and Jobs Act, provides deductions to eliminate income taxes on certain tips and ...

Ultimately, when the taxpayer’s mother passed away in 2021, the property remained vacant and was never rented again to a third party. In 2024, the taxpayer himself moved into the property and it ...