Drivers are looking a long list of rules if they're hoping to claim a new tax deduction for car loan interest on 2025 federal ...

Learn how the new 'No Tax on Tips' deduction can reduce your federal taxable income by up to $25,000 if you earn tips at work ...

A campaign promise is now law. Learn about the new federal tax deduction for tipped income, who qualifies, and how it could ...

Millions of Americans may pay less tax in 2025 as the IRS explains how workers can claim new deductions on tips and overtime ...

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 ...

This article is the first in a new column, Personal Financial Planning, covering the role of CPAs in advising individuals and ...

The new year has just begun and income tax deadlines are months away, but there's one thing to start considering now. Many ...

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 ...

Federal tax code overhaul under the One Big Beautiful Bill Act delivers sweeping changes for individuals and businesses, ...

H.R. 1, P.L. 119-21, the law commonly known as the One Big Beautiful Bill Act (OBBBA), contains provisions of special ...

Understanding your 1040 is the best way to legally minimize your taxes. Top tax professionals will tell you that effective tax planning needs to be proactive, not reactive. The best tax planning needs ...

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: ...