On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law, which had narrowly passed through the United States ...

Editor’s Note: The 2017 Tax Act suspended all miscellaneous itemized deductions subject to the 2 percent floor for tax years beginning after December 31, 2017 and before December 31, 2025.

Claiming the standard deduction is easier, because you don’t have to keep track of expenses. The 2023 standard deduction is $13,850 for single taxpayers ($20,800 if you’re filing as head of ...

Itemized deductions are subtracted from adjusted gross income in arriving at taxable income; they may be claimed in addition to deductions for adjusted gross income (see Q 715). Itemized ...

Most of your miscellaneous itemized deductions are limited to the extent they exceed 2 percent of your Adjusted Gross Income. Report Items that are subject to this limitation on lines 21 and 22 of ...

These expenses fall into the category of miscellaneous itemized deductions, which are deducted on Schedule A. Investment and tax-related expenses — when added to other miscellaneous itemized ...

Holding: The Tax Court noted that under Sec. 67 (b) and Temp. Regs. Sec. 1.67-1T (a) (1) (i), the restitution payments would be deductible as miscellaneous itemized deductions under Sec. 162 (a) or ...