Tax deductions reduce your total taxable income, also called your adjusted gross income. The Internal Revenue Service offers both personal and business deductions, but business deductions must be ...

Andy is a Miami native journalist and translator who is always on top of what sporting activity is taking place across the globe, and he aims to ensure all relevant information is shared with fans.

Many tax deductions, such as charitable donations and business supplies, are well known, but some are more obscure. With tax season upon us, here’s a look at how tax deductions work and three ...

Whether you’re filing for the first time or have been around the tax return block, it’s easy to confuse tax credits and deductions. Although both can help lower your tax bill, the IRS describes a tax ...

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 ...

Although paying taxes is a fact of life, the IRS offers taxpayers the ability to reduce what they owe via various tax deductions and tax credits. But it’s not as simple as it sounds. Before you can ...

If you’re an older adult, a new bonus tax deduction could provide a valuable tax benefit. Here's how it works.

Oli joined the Latest News team in 2021, taking an interest in economics, world news, and articles that build from his study of history. He also dabbles in sports writing, joining the coverage of the ...

This time of the year is already busy enough for entrepreneurs running their own business, running a side hustle, or starting a new seasonal business, and tax planning is one of the things that can ...

The Tax Cuts and Jobs Act -- signed into law on December 22, 2017 — gave birth to a brand new provision: Section 199A, which permits owners of sole proprietorships, S corporations, or partnerships to ...