Selling your home could bring you extra cash at tax time. Discover potential deductions homeowners can claim after closing to ...

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: ...

For 2025, married couples over 65 filing jointly will also see a modest benefit. The extra deduction per qualifying spouse ...

The One Big Beautiful Bill Act, passed by Congress on July 4, 2025, is a sweeping overhaul of the U.S. tax code. It includes ...

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 ...

Tax deductions reduce your taxable income, but tax credits reduce your bill dollar for dollar. Many, or all, of the products featured on this page are from our advertising partners who compensate us ...

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 ...

Many people will be shocked when they discover the intricate rules — and lack of supporting paperwork — when filing 2025 ...

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, ...

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 ...