Learn how tax deductibles work to lower your taxes. Discover common deductions like student loan interest, charitable ...

This article is the first in a new column, Personal Financial Planning, covering the role of CPAs in advising individuals and ...

A new tax law effective in 2026 limits gambling loss deductions to 90% of winnings. Learn how this creates "phantom income" ...

The IRS has issued proposed regulations for the temporary car loan interest deduction enacted under the new tax law.

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 ...

Discover what medical expenses are deductible, including examples like insurance premiums and prescriptions, and learn how ...

The tax-and-spending bill includes several provisions that could have significant effects on your tax refunds come April – ...

From expanded deductions to state-specific rules, these updates could help farmers save money and optimize their tax ...

Tax deductions reduce your taxable income, but tax credits reduce your bill dollar for dollar. Many, or all, of the products featured on this page are from our advertising partners who compensate us ...

Tax credits are generally more valuable than tax deductions. There are many types of each: nonrefundable, partially refundable and fully refundable tax credits, and standard vs. itemized deductions, ...

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: ...