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

For members of the National Guard or military reservists, you can deduct partial travel expenses for attending meetings or ...

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

Business taxpayers are often entitled to extra self-employed and small business tax deductions, which can potentially lead to ...

The One Big Beautiful Bill included sweeping tax law changes. Here are several key changes individual taxpayers need to know ...

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 ...

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: ...

Learn how to deduct casualty and theft losses on your taxes effectively. Understand eligibility, criteria, and the filing ...

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 ...