The Internal Revenue Service (IRS) has recently released the updated Schedule 1 tax form and instructions for the years 2023 and 2024. TRAVERSE CITY, MI, US, January ...

IRS: Taxpayers looking to claim some of the new deductions tucked into the recently passed One Big Beautiful Bill Act will need to prepare for extra paperwork. The Internal Revenue Service has ...

The Internal Revenue Service has posted a draft version of Schedule 1-A, "Additional Deductions," for Form 1040 that will be used next tax season when claiming new tax breaks in the One Big Beautiful ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

A new tax form, Schedule 1-A, introduces four new deductions for the 2025 tax year. All four write-offs are "below-the-line" deductions, which reduce taxable income but not adjusted gross income. Each ...