Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Lea Uradu, J.D., is a Maryland state ...

Learn how tax deductibles work to lower your taxes. Discover common deductions like student loan interest, charitable ...

The type of deduction you take can reduce your tax bill, or even determine how much you get back in refunds this tax season. But what is the difference between standard and itemized deductions? Is one ...

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 ...

The standard tax deduction is a fixed amount that taxpayers can subtract from their income to lower their taxable income. The amount you save will depend on your income and tax bracket. That being ...