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 ...

For a long time, the standard deduction has been a straightforward option for many U.S. taxpayers. It allows most filers to reduce their taxable income without needing to itemize deductions. The ...

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 ...