Tax deductions are subtracted from your taxable income, thereby lowering the amount of tax you owe. You can choose the standard deduction or itemize your deductions on Schedule A of Form 1040 or ...

Middle-income households that buy luxury cars would be able to claim the full financial benefit of a $10,000 tax deduction on ...

This is great news for taxpayers who support causes and for charities themselves. Who qualifies for the deduction? The ...

Millions of taxpayers may soon benefit from a new tax deduction worth up to $2,000 for qualified charitable contributions.

The Tax Cuts and Jobs Act eliminated federal charitable giving incentives for roughly 20 percent of US income-tax payers. We study the impact of this on giving. Basic theory and our empirical results ...

Senate Republicans proposed a tax deduction for car loan interest. But it might exclude used-car buyers, tax experts said.

However, the auto loan interest deduction starts to lose value when a taxpayer's annual income exceeds $100,000. The threshold is $200,000 in the case of a joint tax return filed by married couples.

Youngkin first floated car tax repeal at the end of 2023, a month after Democrats secured control of both chambers of the General Assembly, crippling the Republican governor’s political agenda ...