The “One, Big, Beautiful Bill Act” (OBBBA), signed into law by President Trump in July 2025, introduced four generous tax deductions for millions of Americans: qualified tips, overtime compensation, ...

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...

THE Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) 81-2025 reiterating and providing additional guidelines for deductions from gross income for income tax purposes.

Whether to take the standard deduction or itemize deductions is an important decision you'll make when preparing your federal income tax return each year. Most taxpayers claim the standard deduction, ...

The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...

Wondering how the new mega tax law will affect your paycheck and taxes? Some of the answers lie in the new W-2 form employees will start getting for tax year 2026. The IRS recently released drafts of ...

The Ministry of Finance will discontinue all discretionary payroll deductions for government employees, with the Payroll Deduction Management System (PDMS) scheduled to shut down on 30 November. A ...

A senior citizen covered under CGHS underwent hip replacement surgery, and personally paid as part of the hospital bill was not fully reimbursed. Can this amount be claimed as a deduction while filing ...

Wondering how the new mega tax law will affect your paycheck and taxes? Some of the answers lie in the new W-2 form employees will start getting for tax year 2026. The new forms show how new laws, ...