President Trump's "big, beautiful bill" included a "senior bonus," a new temporary tax deduction for Americans over 65.

Step 1: Use the IRS Sales Tax Deduction Calculator or the IRS sales tax tables in Schedule A. Step 2: Compare your sales tax estimate to your income tax payments.

How tax deduction works A tax deduction doesn’t directly reduce your tax. What it does is reduce your taxable income. If your total income is $110,000 and you have $5,000 in tax deductions, your ...

Prior to the cap’s introduction in 2017, the average SALT deduction was around $13,000, meaning that the majority of people’s complete deductions came in at below the $10,000 mark.

House Speaker Mike Johnson and a group of blue-state Republicans reached a tentative deal today to raise the cap for the state and local tax deduction, often referred to as the SALT deduction, to ...

The deduction cap would be limited to taxpayers making below $500,000, with the income cap and deduction growing 1% every year over a ten-year window in the tentative new deal.

What’s happening in 2025 regarding SALT deductions? Right now, SALT deduction are capped at $10,000. That cap was put in place in 2017, and it’s set to end after 2025, unless Congress decides ...

A key tax deduction is tripling under a new proposal in Congress, but it’s not enough for some Republicans, threatening President Donald Trump’s legislative agenda. The House Ways and Means ...

The answer to this question comes down to the math, too — generally, you will want to "take the standard deduction when it's larger than your itemized deductions," said Ramsey Solutions.

State sales tax deduction If you live in a state with no income tax, you might be able to deduct your state sales tax instead. The IRS allows you to deduct either state income tax or state sales ...

Budget 2025 income tax expectations: With Finance Minister Nirmala Sitharaman set to deliver the Union Budget 2025 speech on February 1, 2025, salaried and middle class taxpayers are looking to ...