When tax season rolls around, deductions and credits can make a real difference in how much you owe -- or how much you get ...

Most people claim the standard deduction on their federal tax return instead of itemizing deductions. How much can you claim?

Social Security benefits remain taxable on federal income tax returns. But many older adults can save money with new enhanced ...

Business taxpayers are often entitled to extra self-employed and small business tax deductions, which can potentially lead to ...

Two types of tax breaks stand out among all the lingo: credits and deductions. Each lowers your tax liability, which is the total annual tax owed on your income. (That figure can be found on line 24 ...

The One Big Beautiful Bill included sweeping tax law changes. Here are several key changes individual taxpayers need to know ...

It might be challenging to think of the Internal Revenue Service as offering taxpayers choices. After all, income taxes aren’t optional. However, the IRS empowers you with one clear choice every time ...

There is an above-the-line deduction available for many individual taxpayers for qualified tuition and related expenses. The deductible expenses are defined in the same manner as they are for the ...

Although paying taxes is a fact of life, the IRS offers taxpayers the ability to reduce what they owe via various tax deductions and tax credits. But it’s not as simple as it sounds. Before you can ...

Learn how to deduct casualty and theft losses on your taxes effectively. Understand eligibility, criteria, and the filing ...

It's tax season, and Americans are confronted by a lot of tax jargon when preparing their returns. Stream NBC 5 for free, 24/7, wherever you are. Two types of tax breaks stand out among all the lingo: ...