Can you claim the home office tax deduction this year?

Here's what to know about a tax credit vs. deduction, including how each works and how they can reduce your tax bill and improve your tax refund amount.

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, ...

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 ...

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

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

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'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: ...