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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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 -
Capital loss carryover rules for long-term capital asset loss of $100,000
You can carry over losses on certain capital assets forever, but it’s not simple.
2 min read Apr 05, 2016 -
Can I defer passive activity loss to next year if earnings are too high?
You can only deduct real estate losses to offset gains, but there are a couple of exceptions.
2 min read Feb 16, 2016 -
Depreciation of equipment on profit-loss statement
Depreciation lets you spread the cost of a fixed asset over its useful life.
2 min read Sep 16, 2014 -
Deduct mortgage interest on a 2nd home?
The interest on the home you bought for your in-laws may be deductible in these cases.
2 min read Jun 17, 2014 -
Tax benefits for education of grandkids
While you can’t deduct your grandkids’ college costs, you can get a different tax break.
2 min read Jan 30, 2014 -
Are investment fees tax-deductible?
IRA fees are tax-deductible if you use outside assets to pay them.
2 min read Feb 12, 2013 -
Home office can have hidden tax costs
Claiming a home office deduction has many tax benefits, but it has some drawbacks.
7 min read Jan 22, 2009