Effective for 2025 through 2028, if you are age 65 or older, you may claim an additional deduction of $6,000 each. This deduction phases out with MAGI over $75,000 or $150,000 for joint filers.

Not so fast. Effective for 2025 through 2028, individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay - such as the "half" portion of "time-and-a-half", and that is reported on a Form W-2, Form 1099, or other specified statement issued to the individual. The maximum annual deduction is $12,500, or $25,000 for joint filers. The deduction phases out with MAGI over $150,000, or $300,000 for joint filers. If married, you m

Small business owners are no strangers to multitasking and taking on a mountain of responsibilities. This often includes taking on tasks...