Do you drive for business, charity or medical appointments? Here are the details regarding claiming mileage on taxes.

A deduction cuts the income you're taxed on, which can mean a lower bill. A credit cuts your tax bill directly.

The minister has indicated that her ambition is to pass a new Holidays Act before the end of the current Government’s term. However, once enacted it is likely that there would be a transitional period ...

Learn about tax deduction rules for long-term senior care and how you can use them to save on taxes. Financial advisor fees are not tax-deductible now, but there are still tax benefits from ...

This deduction is available under Section 80CCD (2) of the Income Tax Act. The current income tax rules allow an individual to claim a deduction of up to 14% of the salary as a deduction. Salary here ...

Tax software or a tax professional can ensure you get the numbers right because the rules often change yearly. Now, we're trimming the tax deductions down to a thin slice. Homeowners' association ...

It also allows the borrowers to claim tax benefits individually. For instance, a couple can collectively claim deductions of up to ₹4 lakh under Section 24 on the interest. However, being a co ...

Home office deductions only apply to small business owners who are self-employed. If you do freelance work unrelated to your regular job at home, you might qualify. The rules are strict ...

New Australian rules that limit multinationals’ deductions of interest payments on their debt are “likely to have a significant impact on the affairs of some taxpayers” and will be a key focus when ...

The High Court has declared the Department for Work and Pensions’ (DWP) method of deducting rent payments from Universal Credit recipients unlawful. In the case of Roberts v The Secretary of State for ...

This reporting shift is part of the IRS's gradual implementation of new reporting rules initially outlined ... deciding whether to take the standard deduction or itemize your deductions is important.