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
-
Qualifications for moving deduction
You have to meet three criteria before you can deduct moving expenses related to a new job.
2 min read Jan 27, 2020 -
Are investment fees tax-deductible?
IRA fees are tax-deductible if you use outside assets to pay them.
2 min read Apr 11, 2022 -
My son a qualifying child for tax purposes
At age 24, your son is too old to be a qualifying child, but he may be a qualifying relative.
2 min read Jul 06, 2020 -
Reimburse employee for insurance premiums
You can reimburse your employee for the insurance premiums he pays to his old job.
2 min read Dec 21, 2020 -
Best time to buy home to get tax deductions
Closing during one time of the year helps maximize available tax deductions for homeowners.
2 min read Dec 08, 2020 -
Tax loopholes that mainly benefit the rich
The tax code contains many breaks that benefit the rich at everyone else’s expense.
5 min read Oct 23, 2019 -
What makes up the ‘fiscal cliff’?
Expiring tax breaks and spending cuts may create an avalanche of revenue, but look out!
Oct 23, 2019 -
Declaring an investment loss on land
You’ll have to prove your investment intention to the IRS. Here’s what you need to know.
2 min read Dec 16, 2021 -
How the fiscal cliff may affect your taxes
Here’s how the expiration of certain tax provisions could hit your family budget.
4 min read Oct 23, 2019 -
Claiming rental home deductions
You placed your home in service last December, so you can claim certain expenses for 2011.
2 min read Mar 11, 2022 -
Pay taxes on unlawful termination award?
Not long ago, you could have lost your entire termination award to your attorney and the IRS.
2 min read Sep 28, 2021 -
Accounting snafu with S-corp distributions
You need to resolve two issues that arise with disproportionate distributions in an S-corp.
3 min read Oct 23, 2019 -
Defer passive activity loss to next year?
If you’re entitled to the $25,000 deduction, you have to claim it regardless of your other income.
2 min read Sep 28, 2021 -
Taxes: Cost of being a professional athlete
Did you know pro athletes have to file taxes in 10 to 26 places? See what the ‘jock tax’ costs.
5 min read Feb 08, 2022 -
8 zany tax deductions to avoid claiming
Did you hear the one about the fully deductible boyfriend? See what else people tried to deduct.
5 min read Feb 08, 2022 -
Tax advantages of long-term care insurance
The government improved tax incentives for long-term care insurance. Can you benefit?
4 min read Dec 08, 2020 -
Small-biz tax write-offs
Do you know which tax write-offs you can claim being a small business?
1 min read Oct 23, 2019 -
Get a tax break for college tuition fees?
If your kid is willing to study, bone up on these government dollars for scholars.
2 min read Dec 16, 2021 -
Schedule L and Schedule M are gone
For 2011 tax returns, there’s no need to file Schedule L or Schedule M because the relevant tax claims are no longer allowed.
1 min read Feb 07, 2012 -
Calculating 2 mileage rates
The standard mileage deduction was raised on July 1 from 51 cents per mile to 55.5 cents.
Feb 07, 2012