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2 weeks ago | 
money.usnews.com | Jessica Walrack |Liisa Rajala |Barri Segal
Key takeaways: Personal tax deductions are available both above and below the line. Business tax deductions are allowed for ordinary and necessary business expenses. In one case, breast implants were deemed a depreciable asset in a business. Extra costs incurred by a prescribed diet may qualify as deductible medical expenses in certain situations. You can write off the costs of service and working animals and their ongoing care (e.g., food, vet bills, etc.).
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2 weeks ago | 
ca.finance.yahoo.com | Barri Segal
In case you forgot, Tax Day is April 15 this year — and it’s quickly approaching. Gathering and saving receipts and tax documents is an important part of filing taxes and receiving your refund quickly. For You: The Best Tax Deductions and Tax Breaks for 2024-2025Try This: 25 Creative Ways To Save MoneyWhether you take the standard deduction or itemize deductions, most people filing their 2024 taxes in 2025 will be happy they took the time to prepare when the IRS deadline rolls around.
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2 weeks ago | 
sg.finance.yahoo.com | Barri Segal
Barri Segal Thu, 10 April 2025 at 7:01 am GMT-5 6 min read kate_sept2004 / Getty Images In case you forgot, Tax Day is April 15 this year — and it’s quickly approaching. Gathering and saving receipts and tax documents is an important part of filing taxes and receiving your refund quickly.
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2 weeks ago | 
money.usnews.com | Erica Sandberg |Liisa Rajala |Barri Segal
Key Takeaways A quarter of all Americans put off doing their taxes until the last minute because they hate the filing process. If you've procrastinated, gather your documents from the IRS and your personal files, then compare everything to last year's return and use the Direct File software if possible. Be sure to make any retirement plan contributions before filing, then send everything by April 15. File an extension instead of filing late to offset penalties.
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2 weeks ago | 
money.usnews.com | Kimberly Lankford |Barri Segal |Tanza Loudenback
Key Takeaways: Income taxes will increase for most taxpayers in 2026 unless Congress extends the Tax Cuts and Jobs Act. Congress may face pressure to add additional tax cuts proposed on the campaign trail, such as eliminating taxes on tips, overtime pay and Social Security benefits, and to change the cap on deducting state and local taxes. Congress has to balance the cost of these breaks with the benefits.
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2 weeks ago | 
money.usnews.com | Emily Sherman |Barri Segal |Tanza Loudenback
Key Takeaways The Consumer Price Index for all items increased by 0.4% in December 2024, on a seasonally adjusted basis, reported the U.S. Bureau of Labor Statistics. The CPI continually increased throughout 2024, according to BLS data, but was still in line with expectations. Rates are predicted to continue increasing by about 2.6% to 2.9% based on economic forecasts, though the actual figure is hard to predict.
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2 weeks ago | 
money.usnews.com | Erica Sandberg |Barri Segal |Liisa Rajala
Key Takeaways These cuts to the IRS are part of Trump's effort to shrink the government, and a judge ruled that the firings can proceed for now. Refunds may be delayed if you are owed a large amount or if information on your return is missing, incomplete or unverifiable. Payment plans can take longer to arrange, so it’s important to start paying even if yours hasn't been accepted.
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2 weeks ago | 
money.usnews.com | Dawn Papandrea |Barri Segal |Tanza Loudenback
Key Takeaways The U.S. national debt is the accumulation of money borrowed to cover the national deficit over time. The highest level of national debt in the last century was right after World War II, while the lowest was in 1974. Increased spending during the financial crisis, the COVID-19 pandemic and changing demographics have driven national debt higher. If unchecked, national debt will reach historic highs by 2029, and continue to balloon thereafter.
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2 weeks ago | 
money.usnews.com | Erica Sandberg |Barri Segal |Tanza Loudenback
Key Takeaways Direct File is the IRS free tax preparation software program. Direct File is currently in its pilot phase, available in 25 states. To use Direct File, you have to meet certain criteria. If you don’t qualify, you may be able to use the Free File program instead. Completing and sending required income tax paperwork to the IRS can be a complicated and sometimes costly process.
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1 month ago | 
money.usnews.com | Geoff Williams |Erica Sandberg |Tanza Loudenback |Barri Segal
Key Takeaways Try to never let your own debt-to-income ratio reach 30%. Go to a credit counseling service, explore bankruptcy and review all the debt repayment options. Consider the various ways to lower interest rates with refinancing strategies. Create a temporary bare-bones budget so you can send the most amount of money to your creditors. Many American adults are dealing with debt.
