Tax deductions

A pledge not to give the wealthiest Americans an absolute tax cut is coming back to haunt Treasury Secretary Steven Mnuchin.

U.S. Treasury Secretary Steven Mnuchin has taken pains to stress that the Trump administration isn’t out to kill Americans’ beloved mortgage-interest tax deduction—but a side effect of the plan could turn it into a perk for only the wealthy.

The president is leaning toward preserving a trillion-dollar tax break for corporate borrowers—a move that economists say could jeopardize his goal of robust economic growth.

President Donald Trump’s pledge to repeal Obamacare ran into a Republican buzz saw. Now, his ambitious proposal to cut taxes is again encountering GOP opposition—from lawmakers in Democratic-leaning states.

There are two different programs to help taxpayers with the cost, and more may be on the way.

As taxpayers and tax professionals race to finish up their tax returns by April 18, or opt to file for an extension, there are still a few last-minute things they can do, along with plenty to think about for next year.

The traditional family is no longer so traditional. Increasingly children are living in blended families, bringing complex tax issues to their parents’ accountants.

Sen. Jack Reed, D-R.I., and Chuck Grassley, R-Iowa, have introduced bipartisan legislation that would prevent businesses from deducting the money they pay to government agencies like the Securities and Exchange Commission to settle allegations of company wrongdoing.

Taxpayers often have radically different opinions of the Internal Revenue Service than tax professionals — which offers practitioners some opportunities.

Republicans are looking at limiting a tax exclusion used by employers that’s worth hundreds of billions of dollars a year, as a way to pay for changes to the health care system.