A tax credit directly reduces a person’s actual tax liability, or tax bill. Unlike deductions (which reduce income before ...

The Tuition and Fees Deduction was phased out, but there are two main credits still available. Learn more about college ...

Understand what tax liability is, how it's calculated, and its impact on your finances. Learn about different types of tax ...

The U.S. tax code does not allow taxpayers to deduct ... such as misreporting income or claiming false deductions or tax credits. The IRS typically assesses penalties along with interest on ...

Should you itemize your taxes? Most taxpayers take the standard each year. The Tax Policy Center estimates that only about 10 ...

There are several important factors to consider when filing your taxes ahead of the April 15 deadline. Recent IRS data shows ...

The Tax Cuts and Jobs Act (TCJA), a massive overhaul of the tax code, is set to expire at the end of 2025. Here’s what could happen.

This season, filers should be aware of key changes, including updates to tax credits and deductions that may impact their refund. Scams are also on the rise, with fraudsters using fake IRS emails ...