Getting older comes with its fair share of challenges, from health concerns to managing finances on a fixed income. The cost ...

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

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

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 ...

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 might be challenging to think of the Internal Revenue Service as offering taxpayers choices. After all, income taxes aren’t optional. However, the IRS empowers you with one clear choice every time ...

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 ...

Tax season 2022 ends April 18, which means you get an extra weekend to file your 2021 taxes. But even in the early days of tax season, do you find yourself having anxious thoughts about having ...

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: ...