A deduction cuts the income you're taxed on, which can mean a lower bill. A credit cuts your tax bill directly.

Proponents claim "small businesses" rely on the pass-through deduction, but the benefits greatly favor the very rich.

From summer camps to smart home devices, here are four categories of expenses to consider adding to your list.

Discover the basics of how the IRS tax refund works. Learn strategies for maximizing them and tips on how to use them wisely.

The standard deduction, the student-loan interest deduction ... for any tax prep that's advertised as "free." The IRS's own free tax-prep program, called Direct File, is available in 25 states ...

Once you turn 50, and especially after age 65, you may qualify for extra tax breaks. Older people get a bigger standard deduction, and they can earn more before they have to file a tax return.

In Connecticut, the deadline to file state and federal tax returns is April 15. Here's how to file for free, and who's ...

Tax deductions may be an option with your 529 plan, depending on your state. Contributions to your 529 plan aren’t tax ...

The Union Budget 2025, presented in the Parliament Session on February 1, 2025, introduced major reforms in exemptions and deductions under the new tax regime for the Financial Year (FY) 2025-26 and ...

On the most basic level, artists who may not earn much or any of their income from the sale of their artistic output need to prove to the IRS that they are professionals and not just dilettantes.

In the new income tax regime, a salary of ₹14.65 lakh can result in zero tax liability through strategic deductions. Here is ...