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: ...

Starting and running a small business is expensive. There are many different costs that go into operating a business, but many can be tax write-offs. For an expense to be deductible, the cost must be ...

If you’ve ever completed your own taxes, you know that tax forms can be filled with confusing words that you have no idea what they mean. To help you avoid a potential mistake, we’ve compiled a list ...

A new, $4,000 'bonus' deduction would be available for those age 65 and older who fall within set income limits, under the House GOP mega-bill that passed in May. AARP's Nancy LeaMond says the group ...

The IRS began processing tax returns for 2022 on Jan. 22. Although your personal tax filing isn't due until April 18, there are actions you can take now to both maximize your refund and lower stress ...

Americans who are 65 and older got a hefty new tax break under the massive tax bill that President Donald Trump signed into law on July 4: A new bonus deduction that’s worth as much as $6,000 per ...

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

Drivers are looking at a long list of rules if they're hoping to claim a new tax deduction for car loan interest on 2025 ...