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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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 -
Standard deduction for 2024-2025: How much it is, how it works and when to claim it
Typically, taxpayers have two options: Claim the standard deduction or itemize their deductions. Here’s how to choose the best option for you.
4 min read Nov 14, 2024 -
Mortgage interest deduction: What it is and what qualifies
The mortgage interest deduction allows you to reduce your taxable income.
7 min read Sep 05, 2024 -
What is the first-time homebuyer tax credit?
This once and future tax break for first-timers is still pending. Until it returns, here are alternatives.
5 min read Aug 06, 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 -
5 tax deductions for homeowners
The IRS offers several tax breaks for homeowners.
4 min read Feb 06, 2023 -
Americans think Washington will hurt their personal finances
Americans say they don’t expect to gain a lot from the GOP tax cut.
3 min read Dec 21, 2017 -
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 -
When can you take a tax deduction for moving expenses?
If your new job prompted a move, you might be able to write off the costs. Here’s how.
2 min read Apr 04, 2017 -
How to cut your taxes using above-the-line deductions right on your Form 1040 or 1040a
Some taxpayers may claim up to a dozen deductions right on their Form 1040. Here’s how.
4 min read Mar 28, 2017 -
Tax lesson for teachers: Educator expenses can be written off
Teachers can deduct classroom supplies, professional development courses and more.
2 min read Mar 24, 2017 -
IRS Schedule A deductions can lower your tax bill
It’s true! There are some good taxes, and you can use them to reduce your IRS bill.
2 min read Mar 14, 2017 -
2 ways to deduct your home office on your taxes
Determine which is best for you — the simplified or the regular home office deduction.
4 min read Mar 07, 2017 -
A how-to guide on claiming dependents on taxes: It’s not an intuitive exercise
Find out the rules of claiming dependents on taxes, whether it’s your child or relative.
5 min read Mar 03, 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 -
Your job search expenses may be tax-deductible
You can write off certain job-hunting expenses, but there are rules and limits.
2 min read Feb 28, 2017