From increased standard deductions to special write-offs for educators and self-employed individuals, understanding these updates could save you thousands on your 2024 tax return.

A deduction cuts the income you're taxed on, which can mean a lower bill. A credit cuts your tax bill directly.

Travel & Vehicle Expenses – Business-related mileage, flights, hotels, and meals can be written off. Earned Income Tax Credit (EITC) – For self-employed workers earning below a certain income ...

That said, your employer may be required to compensate you for some or all of your required expenses, including internet ...

Claiming a tax deduction for mileage can be a good way to reduce how much you owe Uncle Sam, but not everyone is eligible to write off their driving costs. In the past, taxpayers had more options ...

Self-employment tax requires you to pay 15.3% of your total earnings. This tax is levied to pay into Social Security and ...

Tax write-offs are available if you use your car for business all or some of the time. Only self-employed individuals are eligible for a tax deduction. You will need to keep detailed records to ...

Small-business owners and freelancers who work at home can still itemize tax deductions for expenses like rent, mortgage ...

There aren't many worse financial feelings than calculating your tax return and realizing you aren't getting a refund.

The rules are strict around who is eligible to deduct a home office, and calculating the deductions can be complicated.

Less than four in ten households are saving enough for a 'moderate' retirement, a new report warns, and some groups are most at risk of falling 'way behind' ...

In the complex world of tax deductions can be daunting, but understanding which medical expenses you can deduct can ...