Payroll accounting includes paying employee wages, maintaining payroll records for each employee, paying and filing payroll taxes and complying with federal and state payroll laws. An employee's gross ...

If you’re an older adult, a new bonus tax deduction could provide a valuable tax benefit. Here's how it works.

Wondering what tax reporting might look like under the One Big Beautiful Bill Act (OBBBA)? The IRS has released drafts of some 2025 tax forms (that you’ll file in 2026), including a draft of the new ...

There is an above-the-line deduction available for many individual taxpayers for qualified tuition and related expenses. The deductible expenses are defined in the same manner as they are for the ...

The section 179 deduction allows a small business to take a tax deduction for the entire cost of certain property and equipment in the year it buys that property. That produces a larger, more ...

Two types of tax breaks stand out among all the lingo: credits and deductions. Each lowers your tax liability, which is the total annual tax owed on your income. (That figure can be found on line 24 ...

Tax deductions reduce your taxable income, potentially lowering what you owe. Itemizing deductions can outweigh the standard deduction if summed deductions exceed it. Tax credits directly decrease ...