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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Deducting investment interest expense
Your mortgage interest can offset investment income from dividends, interest and capital gains.
2 min read Dec 16, 2021 -
12 tempting tax tips for 2012
No new taxes are planned, but you may want to take advantage of loopholes before they close.
5 min read Mar 15, 2022 -
Section 179 deduction and bonus depreciation
Section 179 deduction and bonus depreciation let businesses write off expenses more quickly.
2 min read Oct 23, 2019 -
5 tax deductions that favor the rich
All is not equal when it comes to tax breaks. The rich benefit more.
4 min read Jan 17, 2020 -
Tax planning 2011: Smart moves to make now
As 2011 winds down, make these tax moves now to cut your next tax bill.
7 min read Nov 17, 2020 -
Ordinary loss: extraordinary tax deduction
If inherited property loses value, your tax strategy depends on how the IRS will categorize your loss.
3 min read Apr 06, 2022 -
Deducting taxes on unimproved land
You can elect to capitalize some expenses if you can’t benefit from a tax deduction.
2 min read Jan 24, 2021 -
Uncle Sam helps out with children’s day care
Expenses paid with a flexible spending account can’t be claimed for the child care credit.
2 min read Sep 28, 2021 -
How to account for business loss
If you use the cash-basis method of accounting, you can’t incur a loss for an uncollected account.
1 min read Oct 21, 2021 -
10 craziest tax deductions for 2011
Tax time lends itself to the occasional crazy deduction.
1 min read Dec 21, 2020 -
Job hunting could help cut your taxes
You may be pleasantly surprised to learn that your job search can help cut your tax bill.
1 min read Feb 08, 2022 -
Deducting travel and entertainment expenses
You can treat tickets as either a gift or entertainment, whichever is to your advantage.
2 min read Oct 21, 2021 -
10 craziest tax deductions for 2011
Taxpayers cook up wacky ways to shave their taxes. CPAs share the funniest ones.
5 min read Mar 11, 2022 -
Paying tax on foreign real estate
You can’t double dip, but you also don’t want to be double taxed on your Canadian rental unit.
2 min read Dec 16, 2021 -
Claiming a loss in a 529 plan
You can only take a loss when all the funds in that 529 account have been distributed.
2 min read Jun 04, 2021 -
Move for newlywed tax-deductible
You can deduct your moving expenses if you meet certain criteria.
1 min read Dec 08, 2020 -
Deduct storage fees for a motor home?
The IRS is generous when it comes to vacation and second homes, to a point.
1 min read Oct 23, 2019 -
10 tasty tax tips for 2011
Taxes can squeeze your finances, but these tips will put more money in your pocket next year.
6 min read Mar 11, 2022 -
How the new tax law affects your 2010 taxes
Many of the provisions that expired in December 2009 are now in effect for the 2010 tax year.
3 min read Dec 08, 2020 -
Workers’ comp from agency not taxed
The general rule is that workers’ compensation benefits are tax-exempt to the recipient.
3 min read Oct 23, 2019