Discover who must file Form 1040 or 1040-SR in 2025, key deductions, and credits. Learn filing deadlines, penalties, and electronic options for accurate tax ...

Modified adjusted gross income (MAGI) is often used by the IRS and other federal agencies to determine your eligibility for ...

Up to 85% of your Social Security benefits may be taxed, but a new "senior deduction" can cut taxes—unless your income is too ...

In this week's Ask the Editor Q&A, Joy Taylor answers more questions about the use of qualified charitable distributions ...

Your Social Security benefits may be taxable—up to 85%—depending on your combined income and filing status. A new deduction for older adults can cut taxes for those 65-plus, but it phases out at ...

If you earn tips or overtime, the IRS just made your 2025 tax season a little more interesting. A new draft form, Schedule 1-A, lets you claim deductions on those earnings, along with car loan ...

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 ...

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...

The Department of Treasury is transitioning to fully electronic payments, a change that means tax refunds issued by the IRS ...