New 2025 tax rules bring major changes for filers

This tax season, many people could be hearing oversimplified versions of some complicated tax changes on 2025 tax returns.
JournalofAccountancy

IRS releases draft form for tip, overtime, car loan, and senior deductions

The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...

IRS Offers More Info On How The New Overtime Deduction Works

The IRS has released a set of FAQs to answer questions about eligibility, reporting, and limits for the new, temporary ...
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Sales tax deduction: Who should claim it and how much you can write off

The sales tax deduction lets you deduct the state and local sales taxes you've paid during the year, but only if you itemize your deductions. Learn more.