Starting next year, millions of Americans — from restaurant servers to retirees — could receive lower tax bills under President Trump's recently signed tax legislation. Why it matters: The sweeping law locks in Trump-era tax cuts and rolls out a fresh set of deductions,

It's possible you could benefit from tax deductions and credits when you prepare your tax return. The IRS calculates these types of tax breaks differently, and the impact on your return can vary.

Tax credits are generally more valuable than tax deductions. There are many types of each: nonrefundable, partially refundable and fully refundable tax credits, and standard vs. itemized ...

Research tax deductions and credits so you’ll know what you’re entitled to claim. The IRS website, located here, is an excellent resource.

Tax Credit vs. Tax Deduction — What It Means for Your Tax Refund. The primary difference between a tax credit versus a tax deduction is that a credit reduces the amount of tax you owe, ...