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 credits ...

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.

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 ...

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 ...

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

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: ...