Taxes » Tax Deductions

Tax Deductions

• Disaster relief from the IRS
  Victims of a presidentially declared disaster can use their tax filing to obtain much-needed cash.
  
• Red flags that tempt the tax auditor
  Don't play fast and loose with your tax return. The IRS might target you for an audit.
  
• Overcoming 6 tax terrors when preparing your taxes
  Afraid of the 1040 tax form? Relax, we have the remedies to combat your fears.
  
• Don't overlook tax break of mortgage points
  When doing your taxes, don't overlook the points you paid to get a lower mortgage rate.
  
• 10 sweet often-overlooked tax breaks
  Nobody wants to overpay the IRS. These often-forgotten breaks could lower your tax bill.
  
• Don't you dare deduct these expenses!
  Steer clear of certain deductions or risk the ire of the IRS. But note these exceptions.
  
• Cut taxes without itemizing
  Some taxpayers can claim up to a dozen or more deductions right on their 1040 return.
  
• Deadline looms: 7-day plan to filing your taxes
  The end of tax season is nigh! Follow our step-by-step instructions for stress-free filing.
  
• Putting foreign taxes to domestic use
  If you paid foreign taxes, you have a choice as how to use them to cut your U.S. tax bill.
  
• Maximizing your medical deductions
  These often-overlooked write-offs can make your doctor's bills pay off at tax time.
  
• Education loans can provide a tax break
  If college loans take a big bite of your income, the interest you're paying on them could help cut your tax bill.
  
• A tax-deduction apple for teachers
  Keep track of what you paid for classroom supplies. You can deduct $250 without itemizing.
  
• 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.
  
• The pros of homeownership are tax write-offs
  Owning a home offers lots of benefits, including ways to reduce your tax bill.
  
• Deducting private mortgage insurance
  The deduction for private mortgage insurance has been extended for premiums paid through 2011.
  
• Taking advantage of miscellaneous deductions
  These catch-all expenses offer another way to cut your tax bill, but only if you have enough of them.
  
• Cash in on uncommon charitable tax deductions
  Atypical charitable deductions can help your favorite charity and help to cut your tax bill.
  
• Business expenses that benefit you
  If you paid work-related costs and weren't reimbursed, your dedication might give you a tax break.
  
• Tax breaks for disaster victims
  There's no way to plan for a disaster. But the IRS allows you to deduct catastrophic losses.
  
• Donating a vehicle to charity
  Even with tighter donation rules, that jalopy may be a valuable tax deduction.
  
• Turning hobby into business means tax breaks
  Does your pastime make money? Turning it into a business could provide tax advantages.
  
• Writing off a worthless stock
  Did one of your investments totally tank? It may become valuable as a tax break.
  
• Take advantage of the sales tax deduction
  If you spent money last year on big-ticket items, you could get a federal tax break.
  
• Taxes that lower your IRS bill
  It's true! There are some good taxes, and you can use them to reduce your IRS bill.
  
• Deducting job-hunting expenses
  A lot of Americans are out of work, but a job search might help cut their tax bills.
  
• Tax tips for the unemployed
  The bad news: Unemployment benefits are taxable. The good news: You may be eligible for other tax breaks.
  
• Let Uncle Sam help pay for your move
  Got a job a few hundred miles away? The IRS helps you move, allowing deductions for some expenses.
  
• Reporting gambling winnings
  Did you win big at the races? Uncle Sam wants to know about your good luck.
  
• State taxes: Alabama
  Each state has its own taxation system, usually a combination of income, sales and property taxes.
  
• Tax statements you need to file
  Dig out the tax statements you got months ago, and fill out your extended tax return, due Oct. 17.
  
• Standard or itemized tax deduction?
  Tax deductions reduce taxable income, so it pays to choose carefully.
  
• Properly defined dependents can pay off at tax time
  Kids depend on you for a lot, but at tax time they could pay off when you claim them as dependents.
  
• Gifts to charity pay off for everyone
  Your gifts to charity can do more than make you feel good. They might lower your tax bill.
  
• Tax valuation guide for donated goods
  Tax law now requires items to be in good condition. So no writing off dirty sneakers!
  
• Let Uncle Sam help you pay for college costs
  Higher education costs climb every year. But you can take advantage of these tax breaks.
  
• 2011 tax deduction amounts
  Most taxpayers claim the standard deduction amount, which is adjusted each year for inflation.
  
• State taxes: California
  Each state has its own taxation system, usually a combination of income, sales and property taxes.
  
• Make your hobby pay for itself
  If you're making money off your hobby, you may want to turn it into a business.
  
• Bunching itemized deductions
  If your tax receipts fall short of itemizing thresholds, get around this roadblock by bunching expenses.
  
• 10 craziest tax deductions for 2011
  Taxpayers cook up wacky ways to shave their taxes. CPAs share the funniest ones.
  
• Deducting your home office costs
  If you work from home, as your own boss or as an employee, your office space could cut your taxes.
  
• Special deduction amounts for some filers
  If you're older or visually impaired, a larger standard deduction is just a check mark away.
  
• Tax breaks for small businesses
  A variety of tax breaks can help your small business survive and even thrive.
  
• Use your capital losses to cut taxes
  A plummeting stock market hurts, but your capital losses are a ray of write-off sunshine.
  
• Special deductions for elderly and blind filers
  If you're older or visually impaired, a larger standard deduction is just a checkmark away.