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
-
Why not deduct rental losses?
If the rules prevent you from deducting losses now, those losses won’t be gone forever.
2 min read Apr 28, 2015 -
The IRS offers ways to save on college
Want help in paying $4,000 of your college costs? Then look no further than your tax return.
4 min read Apr 07, 2015 -
Can I deduct the electric bills I paid for Dad?
Generosity to family members may not result in big tax savings. Here’s what you can deduct.
2 min read Apr 02, 2015 -
8 tax breaks that cost Uncle Sam big money
As Congress tries to reduce the deficit, some tax breaks may be on the chopping block.
5 min read Mar 30, 2015 -
Are Medicare supplement plans deductible?
Yes, they are deductible, along with other medical expenses, if you meet certain criteria.
2 min read Mar 24, 2015 -
Bait-and-switch maneuvers on tax breaks
Some tax breaks aren’t what they appear to be. Be sure to read the fine print.
5 min read Mar 19, 2015 -
Writing off a worthless stock
Did one of your investments totally tank? It may become valuable as a tax break.
2 min read Mar 11, 2015 -
Deduct costs of hosting foreign student?
You can’t get a tax deduction for hosting an exchange student for these reasons.
2 min read Mar 10, 2015 -
8 nuttiest tax write-off attempts revealed
A Harley as a medical deduction? A human skeleton as home office decor? There’s more.
6 min read Mar 03, 2015 -
Used capital loss carryover. Do I owe tax?
Just because you used up that loss doesn’t mean your tax bill will rise sharply.
2 min read Feb 05, 2015 -
Moving expenses deduction for job change
You have to meet certain tests before you can deduct moving expenses for a job change.
3 min read Jan 27, 2015 -
Hire a pro to find missed tax breaks?
Here’s how to find a tax pro who can determine if you missed out on some tax breaks.
2 min read Jan 20, 2015 -
Is in vitro fertilization cost deductible?
If you itemize, you can claim IVF costs that exceed a certain percentage of your income.
2 min read Jan 15, 2015 -
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 cost of paying someone to drive car?
You can pay a friend to drive your car and deduct the cost if you meet certain tests.
2 min read Jul 31, 2014 -
IRS classifies tax payment as a tax refund
You need to find out what happened to your tax refund and why your payment wasn’t applied.
3 min read Jul 10, 2014 -
Adjusting for change in tax-filing status
To figure out how much you’ll owe next year, recalculate your taxes as a single filer.
2 min read Jul 08, 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 -
Can I claim my son as a dependent
Your son may have had to file taxes due to his part-time job. Can you still claim him?
2 min read Jun 10, 2014 -
Refinancing for rental property deduction
Refinancing a rental to create a tax deduction may work, but losses may be limited.
2 min read May 29, 2014