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.

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 ...

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 ...

If you borrow money to buy investment assets, the IRS will sometimes allow you to deduct the loan's interest from the taxable ...

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 ...

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

There is an above-the-line deduction available for many individual taxpayers for qualified tuition and related expenses. The deductible expenses are defined in the same manner as they are for the ...