Understanding the difference between tax credits and tax deductions, both credits and deductions help in reducing your tax liabilities, but in different ways.

Insurance – The individual mandate was a key provision of the Affordable Care Act requiring everyone to have health insurance. Individuals who did not qualify for an exemption and chose not to purchase insurance faced a range of tax penalties, depending on income.

The Internal Revenue Service successfully opened the 2019 tax-filing season on January 28, 2019 as the agency started accepting and processing federal tax returns for tax year 2018.