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, ...

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.

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