Claiming a tax deduction for mileage can be a good way to reduce how much you owe Uncle Sam, but not everyone is eligible to write off their driving costs. In the past, taxpayers had more options ...

A deduction cuts the income you're taxed on, which can mean a lower bill. A credit cuts your tax bill directly.

In Budget 2025, the government opted not to modify the existing tax regime or introduce any new deductions. Finance Minister ...

Your home, car ... deduction if you're audited). The U.S. General Service Administration sets the standard meal allowance rate. 12. Startup costs deduction You may be able to get self-employment ...

Also read: New tax regime: Deductions ... car through his employer. Even if he invests ₹50,000 in NPS, claims flexi-pay benefits of phone and wifi bills, meal card, and claims leave travel ...

Deductions under New Tax Regime 2025-26 > Section 24(b): Allowance for Interest on Housing ... Section 80DD: Allows for a deduction for the maintenance or medical treatment of a disabled dependent.

It's also very important to note that the 2017 tax law limits deductions for home equity loan interest to money that is used ...

Owner-operators' standard per-diem deduction got a boost for the 2025 tax year, while options for depreciating equipment have ...

The capital gains tax allowance in 2024-25 is £ ... You're also allowed to deduct the costs of improving assets, but not the costs of maintaining them (though if you rent them out, maintenance costs ...

transit passes and parking (which may be tax-free up to monthly IRS limits). Taxable benefits such as carpooling perks, ride-share service allowances, toll or gas card reimbursements, or a vehicle ...

A magistrate, who spoke on condition of anonymity, disclosed that after the deduction of loans ... with additional allowances for fuel and vehicle maintenance bringing the total to approximately ...