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 ...

The IRS offers special tax breaks for seniors that can save you thousands as you get older. Here's what you need to know for tax filing year 2025 to 2026.

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

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 ...

Tax deductions reduce your total taxable income, also called your adjusted gross income. The Internal Revenue Service offers both personal and business deductions, but business deductions must be ...

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 ...

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: ...