When tax season rolls around, deductions and credits can make a real difference in how much you owe -- or how much you get ...

Don’t let Uncle Sam take more of your hard-earned money than he needs to. Learn about deductions and how to use them to reduce your tax bill. The standard deduction is a set amount that taxpayers can ...

What Does Tax-Deductible Mean? The U.S. tax system can be a bit convoluted, and if you’re trying to learn every single aspect about filing taxes, you’ll find yourself deep in a rabbit hole. The good ...

The IRS won’t require employers to separately report tips and overtime in 2025, which may be confusing for employees. New IRS guidance can help taxpayers figure the deductions. The IRS has released ...

The IRS has released a set of FAQs to answer questions about eligibility, reporting, and limits for the new, temporary ...

Most people claim the standard deduction on their federal tax return instead of itemizing deductions. How much can you claim?

Tax deductions reduce your taxable income, while tax credits directly lower your tax bill dollar for dollar. Refundable credits can result in a refund if they exceed your tax bill, while nonrefundable ...

Claiming the standard deduction is easier, because you don’t have to keep track of expenses. The 2023 standard deduction is $13,850 for single taxpayers ($20,800 if you’re filing as head of household) ...