Tax deductions

Lawmakers should closely study the impact of the deduction before making changes, the No. 3 House Democrat James Clyburn said.

Many RIAs can qualify for this lucrative benefit. Here’s what you need to know this tax filing season.

Trump’s legislative triumph has put President Biden in a bind.

Democratic and Republican House members are forming a bipartisan group to push for a repeal of the $10,000 cap on state and local tax deductions, demonstrating a broadening campaign to restore a valuable tax break.

Seventeen Democrats told House Speaker Nancy Pelosi they would be ready to oppose any tax legislation that doesn't restore the break.

Notice 2021-25 offers details on a provision of the COVID-19 relief package from last December that allows a temporarily larger deduction.

10 major developments, from the pandemic and Wayfair to sin taxes, that are all likely to play major roles.

Announcement 2021-7(1) lets taxpayers deduct money spent on masks, wipes and other supplies in certain circumstances.

The Treasury Secretary said the limitation on state and local tax write-offs causes 'disparate treatment' across taxpayers.

Changing rules on taxation of gambling winnings may produce some unexpected upsets.

Syndicated conservation easement deals cheat the IRS out of an estimated $250 million by overvaluing deductions.

The House Oversight and Reform Committee is probing whether executives at four drug industry companies plan to use a pandemic-related tax break to deduct opioid settlement payments.

A ‘wave’ of claims for the Domestic Production Activities Deduction sparks an alert.

A host of developments promise to complicate this year's run-up to April 15.

The Tax Court added its voice to the dilemma facing many taxpayers working remotely due to the pandemic.

Some business owners can get hurt by workarounds to the $10,000 limit for state and local tax deductions.

Hopes among millions of upper-income and middle-class taxpayers for a repeal of the Trump administration’s limits on their federal deductions will likely be on hold for now, as an effort to include the measure in the COVID-19 aid package is poised to fail.

Tax professionals share the strangest misconceptions their clients have about taxes.

The Internal Revenue Service issued guidance on how educators can deduct out-of-pocket expenses for personal protective equipment to safeguard teachers in the classroom during the pandemic.

The Consolidated Appropriations Act includes a surprising number of tax provisions, many of which had not been widely publicized until the final bill was up for a vote.