Topic
tax deductions
5 stories related to this topic, newest first.
politics3 days ago
House Committee Approves Bill to Restore Fraud Loss Tax Deductions, Full House Action Uncertain
The Ways and Means Committee passed the Tax Relief for Fraud Victims Act on July 1 by a 39-0 vote. The measure would lift permanent restrictions on theft-loss deductions enacted under the Tax Cuts and Jobs Act and waive the 10% early-withdrawal penalty on retirement accounts.
Fortunepolitics58 days ago
President speaks on tax law at New York event with Republican congressman
The president addressed tax policy during an appearance in a competitive House district. The event also featured discussion of local tax deductions and voter concerns.
Substrate placeholder — needs reviewworld97 days ago
New Jersey Congressman Proposes Doubling State and Local Tax Deduction Cap to $80,800
A congressman from New Jersey has introduced a proposal to increase the cap on state and local tax deductions to $80,800 for married couples. The change would roughly double the existing cap. The effort aims to adjust federal tax policy on deductions.
BU
Substrate placeholder — needs reviewworld101 days ago
Treasury Secretary Bessent Reports 30 Million Benefiting from Tax Deductions on Tips and Overtime
Treasury Secretary Scott Bessent stated that nearly 30 million Americans have utilized tax deductions for tipped wages and overtime pay under the Trump administration's policies. The deductions were implemented as part of recent tax reforms. Bessent made the comments during a pub…
Substrate placeholder — needs reviewbusiness107 days ago
New Tax Deductions for Older Americans Effective in 2025 with Free Filing Assistance Available
Tax changes effective for the 2025 tax year introduce a new deduction of up to $6,000 for eligible individuals aged 65 and older, potentially increasing refunds for many seniors. These changes build on existing deductions and may exempt 88% of seniors from taxes on Social Securit…