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

What if you don’t file taxes?

If you don’t file your tax return, the consequences vary depending on whether you owe a tax bill or are expecting a tax refund.

4 min read

4 year-end tax planning strategies to save money in 2024 and beyond

These four year-end tax strategies can help trim your taxes for 2024 and beyond.

4 min read

Tax deadlines for 2024-2025

The deadline for filing your taxes in 2024 was April 15, or Oct. 15 with an extension. But if you missed those deadlines, you can still file your tax return now. The deadlines for 2025 are April 15, or [...]

3 min read

Long-term capital gains tax basics

Certain windfalls are considered capital gains. Here’s how to determine what you’ll owe.

9 min read

Latest Tax Deduction Articles

Figuring car depreciation

There are several factors in figuring the depreciation rate on a car used for business.

2 min read Jun 23, 2009
Video: Miscellaneous itemized deductions

Items in the miscellaneous category may help reduce your tax bill.

Apr 15, 2009
How do I: Calculate my taxable income?

Doing your taxes can be a headache, and figuring out your taxable income is no exception.

2 min read Jan 25, 2009
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
Maximizing farming deductions

Don’t fence in your CPA if you want to claim all your farming business deductions.

2 min read Jan 13, 2009
Does a company T-shirt count as income?

A company may want the shirts off employees’ backs, but certain corporate gifts aren’t counted as income.

1 min read Dec 29, 2008
Life insurance to pay off debt

When life insurance is used to pay off a loan, it’s an exception to the tax-free rule.

1 min read Nov 05, 2008
Valuing goodwill

Helping a new owner learn the ropes should be reflected in the purchase price of the business.

2 min read Oct 23, 2008
Gain on rental real estate

Owners of condemned rental real estate can defer capital gains if they purchase another rental.

3 min read Oct 16, 2008
Proof for claiming dependents

The IRS rules for claiming a dependent seem simple, but proving it can be complex.

2 min read Oct 07, 2008
Deducting exercise equipment

If a doctor prescribes exercise equipment for physical therapy, the IRS allows a deduction.

1 min read Sep 24, 2008
When to claim credit for the kids

The child care credit is not meant to subsidize education, but to allow parents to work.

2 min read Sep 23, 2008
Rules for claiming dependents

A student with high medical bills can be claimed as a dependent if the criteria are met.

2 min read Sep 17, 2008
Taxes on per diem

When figuring whether or not per diem is taxed, take into account your ‘tax home,’ says CPA George Saenz.

2 min read Sep 16, 2008
Maximizing your 401(k)

Save income tax, and set your 401(k) contributions to maximize your employer’s match.

2 min read Aug 12, 2008
Can big casino comps be offset with gambling losses?

Figuring whether to include casino comps as taxable income is like playing roulette.

2 min read Aug 07, 2008
Income limits for IRAs

Income limits rule for spouses who want to contribute to a deductible IRA, says CPA George Saenz.

2 min read Jul 23, 2008
Qualifying for earned income credit

Workers have to qualify for earned income credit, says CPA George Saenz.

1 min read Jan 30, 2008
Window tinting can mean a tax credit

You may still be able to recoup part of the cost of this simple energy-saving home improvement through a credit on your 2007 tax filing.

4 min read Jul 16, 2007
Writing off travel expenses

You can deduct reasonable and ordinary travel expenses when away from home on a temporary work assignment, says CPA George Saenz.

2 min read Mar 27, 2007