Unlike other deductions, the standard deduction does not need to be justified with any supporting documentation. You simply ...

A tax credit directly reduces a person’s actual tax liability, or tax bill. Unlike deductions (which reduce income before ...

The Tuition and Fees Deduction was phased out, but there are two main credits still available. Learn more about college ...

This tax season, my household is claiming the mortgage tax deduction. Last year, we paid a lot in mortgage interest -- more ...

Tax credits and tax deductions both help you save money on your IRS bills, but they are not the same.  Unfortunately, ...

The Tax Cuts and Jobs Act (TCJA), a massive overhaul of the tax code, is set to expire at the end of 2025. Here’s what could happen.

Here's a quick explainer on how tax breaks work, five different deductions the IRS offers for parents and what to know about ...