When tax season rolls around, deductions and credits can make a real difference in how much you owe -- or how much you get back. Deductions lower the portion of your income that's taxed, while ...

A new, temporary 'senior bonus' will enable many taxpayers age 65 and older to deduct up to $6,000 in income from their federal returns. You must file a new Schedule 1-A. The new enhanced deduction ...