When tax season rolls around, deductions and credits can make a real difference in how much you owe -- or how much you get back. Deductions lower the portion of your income that's taxed, while ...

The IRS allows you to claim deductions that reduce the amount of tax you owe. Those deductions either are itemized deductions ...

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 ...

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 ...

Will you save more on your taxes next year if you claim the standard deduction? When you file your taxes, deductions reduce your income and the amount you owe. Taxpayers have two choices: They can ...

The 2018 Tax Act created a new deduction for qualified business income earned by an individual. The basic deduction is 20% of ...

The IRS Large Business and International Division released an updated 53-page practice unit in June on the Section 179D energy-efficient commercial buildings deduction. The purpose of this practice ...

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: ...