The enhanced deduction for seniors applies on 2025 tax returns to adults born before Jan. 2, 1961. If you're 65 or older now, you can claim an additional deduction of up to $6,000 or $125,000 for ...

Reporting cryptocurrency on your taxes is changing for the 2026 tax season. This year, the IRS is introducing a new dedicated crypto tax form called 1099-DA for all "digital asset proceeds from broker ...

Americans can file their 2025 tax returns with the IRS starting on Monday, Jan. 26, but what many people really want to know is when they can expect their refund. That depends largely on whether you ...

As tax season kicks off, families with minor children can now register for Trump accounts. To open the account, an election must be made on IRS Form 4547. Form 4547 can be filed separately or with ...

Form 2441 is used for claiming child and dependent care expenses Beverly is a writer, editor, and paralegal specializing in personal finance and tax law. She covers personal financial and legal topics ...

One of the most tax-friendly provisions of an IRA is the ability for IRA owners who are at least age 70½ to donate up to $108,000 (2025 limit) directly to an eligible charity from their IRA. This is ...

On October 26, 2025, an investment strategist outlined strategic steps to optimize tax-loss harvesting benefits as part of year-end financial planning. This approach leverages the fundamental ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

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 ...