One of the biggest decisions people make at tax time is whether to itemize or take the standard deduction. Most people take the standard deduction, according to IRS data, but tax pros warn that if you ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Photo by JIM WATSON/AFP via Getty ...

Here's what you can deduct if you aren't itemizing, along with tax brackets, senior deductions including the phaseout ramp, ...

The Internal Revenue Service has announced new tax inflation rates, standard deductions and new federal income tax brackets for 2026 — and the adjustments may surprise you. While the tax rate ...

Each spring, millions of taxpayers face a deceptively simple question — take the standard deduction or itemize? For those not versed in the lingo of taxes, the distinction can be confusing. But ...

The IRS has announced the annual inflation adjustments for the year 2026, including tax rate schedules, tax tables and cost-of-living adjustments. These are the official numbers for the tax year ...

The standard deduction is rising in 2026 by $350, or $700 for couples. The tax brackets are changing slightly as well. Assuming the same income, your tax bill could go down slightly for 2026. Each ...

Beginning in 2026, tax filers who claim the standard deduction may be allowed to take a new above-the-line deduction for cash contributions to qualifying charities. You will not need to itemize ...