In a case of first impression for the Eleventh Circuit, the court affirmed a Tax Court holding that expenses of activities not engaged in for profit, i.e., hobbies, are allowable only as miscellaneous ...

President Donald Trump’s One Big Beautiful Bill Act (OBBBA) raised the state and local tax (SALT) cap deduction to $40,000 from the previous $10,000, as previously reported by GOBankingRates. For ...

Apply deductions to your gross income to get your taxable income Reviewed by Lea D. Uradu Fact checked by Suzanne Kvilhaug Gross income includes all income that you receive from any possible source.