What is a tax deduction?
The Bankrate.com financial term of the day is: "tax deduction."
The Internal Revenue Service allows you to lower your potential tax hit by subtracting some amounts from your income before it puts the bite on your money. A tax deduction is one kind of pretax subtraction. A taxpayer may take either a standard deduction amount, established each year by the IRS, or may itemize deductions, listing various eligible expenses such as mortgage interest and state income taxes.
A tax deduction lets you clip the amount of your income that's subject to taxes.
For help making sense of your taxes, visit the Taxes section at Bankrate.com.
If you owe the IRS, you have several options for paying. But watch the fees.
The IRS offers several ways to pay your tax tab electronically.
How the charity uses the vehicle you donate affects your deduction.
As the year winds down, tax planning is a must on the to-do list. Here are a few things to keep in mind.
Start gathering all your paperwork for the tax season.
Baffled by bitcoin? Let these children fill you in on the virtual currency.
Who says home loans are complicated? These kids have it all figured out.
Knowing your driving style can save you money in the long run on car maintenance.
Start by asking a lot of questions to find the right fit and save money.
Follow these tips for safeguarding your good name and money.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink.
Two-thirds said they distrust car mechanics, citing overcharges, recommendations for unnecessary services and previous bad experiences with repair shops.
... Read more