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, ...

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 ...

Korrena Bailie has over a decade of experience reporting and editing personal finance stories and reviews. Her work has been featured in Wirecutter, The New York ...

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 ...

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 ...

According to the IRS, 87% of American taxpayers claim the standard deduction when filing their taxes, because it’s easy, there’s less paperwork to keep track of, and under President Trump’s Tax Cuts ...

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: ...

Although paying taxes is a fact of life, the IRS offers taxpayers the ability to reduce what they owe via various tax credits and tax deductions. A tax credit reduces the amount of taxes you owe ...

Missed Tax Day? File as soon as possible to limit penalties. Try our fast, hassle-free tax filing. It's just $50. Missed Tax Day? Try our fast, hassle-free tax filing. It's just $50. Many or all of ...

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 ...

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 ...