Here's what to know about a tax credit vs. deduction, including how each works and how they can reduce your tax bill and improve your tax refund amount.

The “One, Big, Beautiful Bill Act” (OBBBA), signed into law by President Trump in July 2025, introduced four generous tax deductions for millions of Americans: qualified tips, overtime compensation, ...

Wondering how the new mega tax law will affect your paycheck and taxes? Some of the answers lie in the new W-2 form employees will start getting for tax year 2026. The new forms show how new laws, ...

New deductions for seniors, tipped workers and overtime, plus a tax hit on gamblers, have generated confusion, misinformation and outrage. Misinformation about the One Big Beautiful Bill Act (OBBBA) ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Vithun Khamsong / Getty Images The ...

Contractors often maintain both a stand‑alone office and a home office for scheduling, estimating, bookkeeping, and client meetings. The IRS allows ...