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.