If you're 65 or older, this could have a huge effect on your taxes this year.

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 ...

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, ...

Starting Jan. 1, 2024 the mileage tax deduction will now be 67 cents per mile driven — up 1.5 cents from 2023. Find out if you qualify for this deduction.

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 ...

Social Security benefits remain taxable on federal income tax returns. But many older adults can save money with new enhanced deduction for seniors.

GoodRx reports seven overlooked medical expenses that are tax-deductible, including acupuncture and medical transportation, if itemized.

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: ...