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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Charitable contributions: How to get a tax deduction for your donations
You can get a tax break for charitable contributions of money and other items. Here’s what you need to know.
6 min read Apr 18, 2025 -
2024-2025 Standard deduction: How much it is, how it works and when to claim it
The standard deduction is a valuable tax benefit, and one of the easiest to claim. Here’s what you need to know.
5 min read Apr 09, 2025 -
The home office deduction: Who qualifies and how to calculate it
The home office tax deduction can trim your tax bill, if you qualify for it.
4 min read Apr 08, 2025 -
The SALT deduction: What it is, how it works and what you should know about the $10,000 cap
The SALT deduction lets taxpayers deduct the money they spend on state and local taxes — up to a limit.
4 min read Apr 07, 2025 -
Is private mortgage insurance (PMI) tax-deductible?
Homeowners who are paying PMI may be able to deduct this cost once again. Here’s how.
4 min read Mar 31, 2025 -
Qualified business income deduction: What it is and how to claim it
The qualified business income deduction, or QBI, can reduce your business income by up to 20 percent at tax time.
3 min read Mar 28, 2025 -
Property tax deduction: What it is, how much you can deduct
The property tax deduction can trim your taxable income by as much as $10,000, if you itemize your deductions.
4 min read Mar 27, 2025 -
5 tax deductions you can claim without itemizing
With taxes, it can pay to keep things simple. These 5 tax deductions let you trim your tax bill without itemizing.
5 min read Mar 14, 2025 -
Tax deductions for homeowners in 2025
The IRS offers several tax breaks for homeowners.
4 min read Mar 06, 2025 -
Section 179 deduction vs. bonus depreciation: How they work, how they differ
The Section 179 deduction and bonus depreciation both let businesses write off expenses quickly. Here’s what you need to know.
6 min read Mar 05, 2025 -
Mortgage interest deduction: What it is and what qualifies
The mortgage interest deduction allows you to reduce your taxable income.
4 min read Feb 28, 2025 -
Tax deductions: How they work, how to claim them
A tax deduction lowers the amount of your income that’s subject to tax, thus trimming your tax bill. But not all tax deductions are alike.
3 min read Feb 28, 2025 -
Are credit card fees tax deductible?
Which credit card fees can you deduct for tax purposes?
2 min read Feb 24, 2025 -
Tax lesson for teachers: Educator expenses can be written off
Teachers can deduct classroom supplies, professional development courses and more.
2 min read Jan 31, 2025 -
What is the first-time homebuyer tax credit?
This former tax break for homebuyers has been discontinued. Here are alternatives.
3 min read Jan 27, 2025 -
10 easy tax deductions and credits to cut your tax bill
These 10 tax credits and deductions can help you trim your tax bill and, in some cases, even boost your refund.
6 min read Jan 27, 2025 -
Itemized deductions: What they are, how they work, and are they right for you?
Itemized deductions are expenses that can reduce your tax bill.
4 min read Jan 09, 2025 -
Tax credits vs. tax deductions: What’s the difference?
Tax credits and tax deductions can both be valuable at tax time, but it helps to know how they differ.
3 min read Jan 07, 2025 -
7 expenses you shouldn’t claim as a tax deduction (but you can write off related costs)
The IRS is strict about what you can and can’t deduct to trim your tax bill.
3 min read Dec 09, 2024 -
The tax benefits of leasing vs. buying a car for your business
Is it better to lease or purchase a business vehicle? That depends on vehicle use.
4 min read Mar 25, 2024