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The Latest Breaking News from Tax Deduction

Annuity flexibility, tax tweaks can accelerate NPS growth: Axis Pension Fund CEO Sumit Shukla

A senior executive believes greater flexibility in retirement withdrawals and restored tax incentives could significantly boost the National Pension System (NPS). He advocates for allowing NPS subscribers to choose between annuities and a new Retirement Income System (RIS) and reintroducing the Rs 50,000 tax deduction under the new tax regime.…

The Economic Times

Money Moves Michigan Retirees Should Check After the 2026 Pension Withholding Change

Michigan retirees have watched several years of tax changes unfold, and 2026 marks a major milestone. The state’s phase-in of expanded retirement and pension tax deductions reaches full implementation, which means many retirees could see significant changes in how Michigan income tax withholding works on their pension payments. That sounds…

The Free Financial Advisor

9 Tax Deductions Seniors Over 65 Routinely Miss

Tax season can be frustrating, especially for retirees who assume their opportunities to reduce their tax bill are limited. The reality is that many older...

Saving Advice

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Welfare rules spark backlash

A wave of public criticism has erupted over the government's revised eligibility criteria for the state welfare card programme, under which parents may lose their entitlement to benefits if their children claim tax deductions for parental support.

Bangkok Post

Rs 1 lakh investment in NSC: What will be maturity value after 5 years?

National Savings Certificate provides a secure investment option. With a 7.7% interest rate, a Rs 1 lakh investment grows to over Rs 1.44 lakh in five years. Tax deductions are available under Section 80C for those following the old tax regime. NSC accounts can be transferred in specific situations.

The Economic Times

Beyond the BBQ: Memorial Day Is Also a Reminder to Claim the New $6,000 Senior Tax Deduction Before Summer

For many retirees, Memorial Day marks the unofficial start of summer, filled with cookouts, family gatherings, and travel plans. However, this holiday weekend is also...

Saving Advice

Albanese forges ahead with CGT and negative gearing plan while flagging possible business carve-outs

Labor’s pre-election promise of a $1,000 standard tax deduction and $250 ‘working Australians tax offset’ will be included in the draft laws

The Guardian - AU

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Georgia Retirees Could Save Thousands Under New Senior Tax Deduction Rules Taking Effect in 2026

Georgia retirees may soon see a much friendlier tax bill as new senior deduction rules roll out in 2026. These updates aim to ease the financial pressure on older residents living on fixed incomes while dealing with rising living costs. State lawmakers designed the changes to expand tax relief and…

The Free Financial Advisor

Trump will visit The Villages in first major outing since assassination attempt

President Donald Trump will visit The Villages retirement community in Florida on Friday in his first major outing after an attempted assassination at the White House Correspondents’ dinner last weekend. The Villages is known as the largest retirement community in the world, spanning 30,000 acres, three counties and four zip…

The Independent UK

Virginia Seniors Could Still Lose a $6,000 Tax Deduction If They Don’t File This 2026 Form Correctly

A new tax break for seniors is making headlines, but many retirees could miss out simply because they don’t file correctly. The new “senior bonus...

Saving Advice

How much a new $1,000 tax offset would really be worth – and who’s better off avoiding it

When Australian workers lodge a tax return from mid next year, around 6 million taxpayers look set to be able to claim up to A$1,000 with an “instant” work-related tax deduction, without receipts. The Albanese government has just released draft legislation on the change.

The Conversation

Millions of Australians will get a $1,000 instant tax deduction under a new law – here’s how it will work

Draft legislation for treasurer Jim Chalmers’ new instant tax deduction policy lands just over a year after Labor proposed the change in the run-up to the 2025 election

The Guardian - AU

Over 70 Jobs Now Qualify for 'No Tax on Tips' — Check If You're On The List

The IRS has clarified tax deduction rules for over 70 occupations relying on tips, allowing eligible workers to deduct up to $25,000 in qualifying tips from federal income tax from 2025 to 2028.

International Business Times UK

I Asked ChatGPT Which Deductions Seniors Most Commonly Miss at Tax Time

GOBankingRates asked ChatGPT which tax deductions seniors most commonly miss to find out how much more money they could be saving -- here's what it said.

GOBankingRates

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Saving Advice

IRS Rules Explained: When Pets, Beer, and Even Body Oil Can Be Legal Tax Write-Offs

When most people think about tax deductions, they picture things like mortgage interest or charitable donations. They don’t think of pet food, beer, or body...

Kiplinger

Why the IRS Can Reject Smartwatch Mileage Logs

As we hit the halfway point of 2026, it's time to audit your mileage log before Uncle Sam audits it for you.

GOBankingRates

I Asked ChatGPT If I Can Get the Same Tax Deductions as the Rich — Here’s What It Said

Here's what ChatGPT had to say on whether the average American can get the same tax deductions as the rich.

International Business Times UK

New Retirement Rules in 2026 — What They Mean for Your Money

Discover the key changes in retirement planning for 2026, including higher contribution limits, new tax deductions, and rising healthcare costs. Learn how these shifts impact your financial future and explore strategies to optimize your retirement savings and manage expenses effectively.

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GOBankingRates

Can You Write Off Your Home Insurance on Your Taxes?

Understanding the rules around home insurance tax deductions can help you avoid missed opportunities and make smarter financial decisions.

Kiplinger

Over 65? Here's What the New $6K Senior Tax Deduction Means for Medicare IRMAA

A new tax deduction for people over age 65 has some thinking about Medicare premiums and MAGI strategy.

GOBankingRates

7 Smart Money Moves Fidelity Says Will Make Retirement More Comfortable

Fidelity outlined retirement money moves such as certain tax deductions, Roth conversions and charitable strategies to boost financial security.

Kiplinger

Ask the Editor, February 6: Questions on Federal Income Tax Deductions

In this week's Ask the Editor Q&A, Joy Taylor answers questions on federal income tax deductions

Kiplinger

Can I Deduct My Pet On My Taxes?

Your cat isn't a dependent, but your guard dog might be a business expense. Here are the IRS rules for pet-related tax deductions in 2026.

GOBankingRates

What 2026 Senior Tax Deduction Means for Social Security and Retirement Planning

New tax rules for seniors bring bigger deductions, potential refunds & planning opportunities, with impacts on retirement income & Social Security.

GOBankingRates

Social Security ‘Bonus’: 6 Proven Strategies To Maximize Your Tax Savings

Between a 2.8% COLA & new $6K senior tax deduction under the OBBBA, explore Social Security recipients' savings & investment opportunities in 2026.

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