The higher taxable income limits outlined below apply to long-term capital gains — profits from assets held for more than one year. There are still three tax rates — 0%, 15% and 20% — which are ...

Internal Revenue Code Section 2801 was introduced into U.S. tax law in 2008, creating a U.S.-based inheritance tax, otherwise known as the “§2801 tax.” In January 2025, final regulations were issued ...

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 Federal Board of Revenue has removed the 'estimated fair market value' column from the 2025 income tax return form following directions from Prime Minister Shehbaz Sharif to ease the filing ...

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 ...

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. Lea Uradu, J.D., is a Maryland state ...

Why do you need a lawyer for an IRS audit? Have you received an IRS audit notification (IRS form letter 2205-A, 2205-B, or 566)? What do you need to know? Many taxpayers wonder why they were selected ...

House Republicans’ sweeping budget bill does not eliminate taxes on Social Security benefits — a signature piece of President Donald Trump’s platform — but officials say an enhanced standard deduction ...

Salaried individuals who file income tax returns annually should take note of key changes introduced by the Income Tax Department in the format of Form 16—the document that outlines salary, tax ...

Headlines and updates on sweeping changes to operations and staffing with regards to numerous federal agencies, and now implementing new tariffs, as we enter tax filing season may have people even ...