The Latest Breaking News from Tax Deduction

President Donald Trump's One Big Beautiful Bill Act (OBBBA) raised the state and local tax (SALT) cap deduction to $40,000 from the previous $10,000, as previously reported by GOBankingRates. For...

Don't fall for the 'tax-free Social Security' headlines. The OBBB offers a temporary tax deduction for certain retirees, which is different from eliminating taxes on benefits entirely — and it doesn't solve Social Security's long-term funding issues.

The rules on charitable giving are changing. For some, tax deductions for donations are now an option. For others, that option may have been curtailed.

If you’re an older adult, a new bonus tax deduction could provide a valuable tax benefit. Here's how it works.

Among the changes in the One Big Beautiful Bill Act is an adjustment to the state and local tax deduction cap. The bill temporarily increases the SALT deduction cap, allowing taxpayers to deduct a significantly higher amount in state and local taxes.

If you’re an older adult, a new bonus tax deduction could provide a valuable tax benefit. Here's how it works.

Starting your career? Learn whether a Roth or Traditional IRA gives you the best long-term benefits for saving, taxes and retirement growth.

Trump’s new auto loan tax deduction promises big savings, but a study finds 97% of Americans won’t qualify and average savings are just $333 a year.

There are some wedding expenses that are tax-deductible, and you don’t want to miss out on savings.

When it comes to retirement, it is important to identify as many tax deductions as you can. After all, you are on a limited income. Learning about a new senior tax deduction could make all the difference in the world. Many headlines have suggested that this deduction would “eliminate” all…

A new tax deduction lets car buyers write off up to $10,000 in loan interest -- if they meet these key requirements. Find out what you need to qualify here.