Expanding Wisconsin’s second income tax bracket of 4. 4% for all filers will reduce the state’s tax collections by $323 ...

MADISON – Teachers in Wisconsin schools would be able to deduct classroom materials from income tax filings under a new bill. Under the proposal, teachers may claim up to a $300 deduction on ...

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 ...

The sweeping GOP tax bill calls for an above-the-line deduction of up to $10,000 in car loan interest during a given taxable year. You'd pay no tax on that interest, if you qualified. The proposed ...

This new, $4,000 deduction would be available whether the tax filers take the standard deduction or itemize deductions when filing a tax return. The new break is temporary, beginning in the 2025 ...

A new, $4,000 'bonus' deduction would be available for those age 65 and older who fall within set income limits, under the House GOP mega-bill that passed in May. AARP's Nancy LeaMond says the ...

A new, $4,000 'bonus' deduction would be available for those age 65 and older who fall within set income limits, under the House GOP mega-bill that passed in May. AARP's Nancy LeaMond says the ...

No one is calling for a return of the country club dues tax deduction, but even conservatives say that’s more defensible than boosting the state and local tax deduction.

If your total deductions — including donations — are less than the 2025 standard deduction of $14,600 (single) or $29,200 (married filing jointly), it may not make sense to itemize.

Note: When it comes to the proposed car loan interest deduction, most imported vehicles, subject to the new 25% tariff, wouldn’t meet this U.S. assembly requirement and would not be eligible for it.

For the 2024 tax year, the standard deduction ranges from $14,600 to $29,200, depending on your filing status. Deduct your property taxes in the year you pay them This may sound simple, but it can ...