A new tax law effective in 2026 limits gambling loss deductions to 90% of winnings. Learn how this creates "phantom income" ...

Learn how tax deductibles work to lower your taxes. Discover common deductions like student loan interest, charitable donations, and mortgage interest.

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

The IRS has issued proposed regulations for the temporary car loan interest deduction enacted under the new tax law.

Under the One, Big, Beautiful Bill, workers may be eligible for new deductions for tax years 2025 through 2028 if they ...

Tax credits are generally more valuable than tax deductions. There are many types of each: nonrefundable, partially refundable and fully refundable tax credits, and standard vs. itemized deductions, ...

Discover what medical expenses are deductible, including examples like insurance premiums and prescriptions, and learn how ...

Although paying taxes is a fact of life, the IRS offers taxpayers the ability to reduce what they owe via various tax credits ...

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

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'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: ...