Page 14 - Standard Deduction News Today

Gambling losses are indeed tax deductible, but only to the extent of your winnings. Find out more about reporting gambling losses on your tax return.

The March 31 deadline for 2022–23 tax-saving investments implies that taxpayers should start their tax planning as soon as they can to prevent a last-minute rush.

Social Security income is taxable. Figure out how to calculate what you might owe, report your Social Security income, and potentially reduce your taxes.

Ever wonder where all that money taken out of your paycheck goes? You might be surprised to find out where some of your tax dollars are going.

You're still on the hook for taxes after you retire, and they can get complicated. Here's what to know.

The measure would double the standard deduction for individual filers from $2,200 to $5,000, and double the personal exemption from $1,144 to $2,288. Additionally, Hawaiʻi’s renters would see relief through increased tax credits.

According to the effective slab rates on his or her total income falling under the old or new tax regime, every salaried employee would be subject to taxation.

On 01 February 2023, the Hon’ble Finance Minister of India presented a ‘no surprise’ Union Budget for 2023-24, laying a positive framework for…

In her Budget 2023, Finance Minister Nirmala Sitharaman put a strong emphasis on improving the appeal of this tax structure.

The government is moving India away from a saving economy -- the old Income Tax (IT) regime loaded with tax deduction investments -- to a spending economy by luring people to a new IT regime that is sans any tax savings investments, said chartered accountants.