In mid-2024, CRA updated its Income Tax Folio S3-F6-C1 on interest deductibility. The folio provides better clarity on the ...

Trump promised he would restore the full value of the state and local tax deduction, or SALT, a popular break in high-tax ...

Recipients of Universal Credit, Child Benefit, Personal Independence Payments (PIP), Pension Credit and more will all see their regular ...

Although inflation has ebbed, taxpayers will continue to enjoy inflation adjustments to their 2025 taxes — even though it’s ...

With clear Republican victories in the White House and the Senate, and a very slim majority for either side in the House of ...

The House voted 87-12 to flatten individual income tax to 3%, while increasing the standard deduction to $12,500 for individual taxpayers. Pushback came entirely from Democratic lawmakers, some of ...

The standard deduction is a dollar-for-dollar reduction in taxable income, lowering the amount that a taxpayer owes the Internal Revenue Service. All taxpayers with earned income, whether from a day ...

Two business tax cuts have already been phased out. Extending those cuts is at the top of Republicans’ to-do list if they ...

Indian industry bodies met with revenue secretary Sanjay Malhotra. They presented their tax proposals for the upcoming budget ...

For single taxpayers and married individuals filing separately in tax year 2025, the standard deduction is rising to $15,000 — up $400 from 2024. And for couples who file jointly, that standard ...

Trump vs Harris: Who’s winning which state? Full list The Tiger Global-backed company reported a 14% year-on-year increase in ...