Tax credits and tax deductions both decrease what you owe the IRS, but in different ways. Here's the difference, and how you ...

Although the deduction can be as high as $25,000 per tax return, the Tax Policy Center projects an average benefit of ...

Transitional guidance released by the IRS on Oct. 21 gives auto lenders room for avoiding penalties when it comes to ...

Americans who are 65 and older got a hefty new tax break under the massive tax bill that President Donald Trump signed into law on July 4: A new bonus deduction that’s worth as much as $6,000 per ...

Elizabeth Guevara is a journalist working to explain the world of business and economics and how it impacts your finances. She joined Investopedia in 2024 as a breaking news writer covering personal ...

Taxpayers face a learning curve for figuring out how key tax deductions in the mega tax bill will work when they file 2025 tax returns next year.

The deadline for public comment on the proposed No Tax on Tips rule is this week. Restaurant industry groups say the rule ...

IRS tax breaks for workers are here. Millions can now keep more of their tips and overtime pay. New deductions for 2025–2028 make it easier to reduce taxable income, save money, and help working ...

The IRS on Thursday announced adjustments to the federal income tax brackets and standard deductions for 2026.

Tax cuts are the centerpiece of a massive legislative package championed by President Trump and passed Tuesday by Senate Republicans. Stream NBC 5 for free, 24/7, wherever you are. Many new tax breaks ...