Tax Deductions
A tax deduction reduces the amount of income that is subject to taxation by federal and state governments. View the current standard deduction amounts and other tax deduction information.
Tax Basics
Latest Tax Deduction Articles
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Tax deductions for homeowners in 2025
The IRS offers several tax breaks for homeowners.
4 min read Mar 06, 2025 -
Section 179 deduction vs. bonus depreciation: How they work, how they differ
The Section 179 deduction and bonus depreciation both let businesses write off expenses quickly. Here’s what you need to know.
6 min read Mar 05, 2025 -
Mortgage interest deduction: What it is and what qualifies
The mortgage interest deduction allows you to reduce your taxable income.
4 min read Feb 28, 2025 -
Tax deductions: How they work, how to claim them
A tax deduction lowers the amount of your income that’s subject to tax, thus trimming your tax bill. But not all tax deductions are alike.
3 min read Feb 28, 2025 -
Are credit card fees tax deductible?
Which credit card fees can you deduct for tax purposes?
2 min read Feb 24, 2025 -
Charitable contributions: How to get a tax deduction for your donations
You can get a tax break for charitable contributions of money and other items. Here’s what you need to know.
5 min read Feb 04, 2025 -
Tax lesson for teachers: Educator expenses can be written off
Teachers can deduct classroom supplies, professional development courses and more.
2 min read Jan 31, 2025 -
What is the first-time homebuyer tax credit?
This former tax break for homebuyers has been discontinued. Here are alternatives.
3 min read Jan 27, 2025 -
10 easy tax deductions and credits to cut your tax bill
These 10 tax credits and deductions can help you trim your tax bill and, in some cases, even boost your refund.
6 min read Jan 27, 2025 -
Itemized deductions: What they are, how they work, and are they right for you?
Itemized deductions are expenses that can reduce your tax bill.
4 min read Jan 09, 2025 -
Standard deduction 2024 and 2025: How much it is, how it works and when to claim it
Most taxpayers have two options: Claim the standard deduction or itemize their deductions.
4 min read Jan 08, 2025 -
Tax credits vs. tax deductions: What’s the difference?
Tax credits and tax deductions can both be valuable at tax time, but it helps to know how they differ.
3 min read Jan 07, 2025 -
State and local tax (SALT) deduction: What it is and how it works
The SALT deduction lets taxpayers deduct the money they spend on state and local taxes.
3 min read Dec 12, 2024 -
7 expenses you shouldn’t claim as a tax deduction (but you can write off related costs)
The IRS is strict about what you can and can’t deduct to trim your tax bill.
3 min read Dec 09, 2024 -
Is private mortgage insurance (PMI) tax-deductible?
Homeowners who are paying PMI may be able to deduct this cost once again. Here’s how.
3 min read May 31, 2024 -
The tax benefits of leasing vs. buying a car for your business
Is it better to lease or purchase a business vehicle? That depends on vehicle use.
4 min read Mar 25, 2024 -
Open an IRA before the tax deadline to save on taxes
It’s not too late to get a tax deduction for your IRA contributions.
4 min read Mar 11, 2024 -
How to write off repayment of a business loan
You can’t write off the loan, but you may be able to deduct interest paid.
5 min read Nov 29, 2023 -
This Giving Tuesday, many Americans plan to give back
Approximately one out of five charitable donations will be larger than last year’s.
2 min read Nov 28, 2017 -
IRS rules for claiming a parent as a dependent: 5 factors to consider
Are you caring for an aging parent? If so, you may qualify for some tax relief.
5 min read Mar 01, 2017