Yahoo Finance

Tax season started on January 27, bringing taxpayers a key choice in whether to itemize their deductions or take the standard deduction.

Yahoo Finance personal finance reporter Molly Moorhead sits down in-studio with Wealth host Brad Smith to compare the differences between deductions and credits for filers both single and married. She also highlights tax credits, such as the child tax and child care credits, which offer additional savings in reducing one's tax bill.

Itemized deductions include mortgage interest, medical expenses, and charitable donations, which may benefit taxpayers with higher expenses.

To watch more expert insights and analysis on the latest market action, check out more Wealth here.

This post was written by Josh Lynch