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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What is the first-time homebuyer tax credit?
Plans to spur first-time homebuying are brewing in Congress.
4 min read May 18, 2022 -
Standard deduction amount for 2021-2022: How much it is and when to take it
Typically, taxpayers have two options: Take the itemized deductions or take the standard deduction.
3 min read Apr 18, 2022 -
Is an IRA certificate of deposit (CD) tax deductible?
Looking to score more tax deductions? IRA CDs might be for you.
3 min read Mar 24, 2022 -
Tax advantages of leasing vs. buying a car
Leasing or buying a car for business can have tax benefits. Which is right for you?
4 min read Feb 18, 2022 -
Open an IRA before the tax deadline to save on taxes
It’s not too late to get a tax deduction for your IRA contributions.
4 min read Jan 05, 2022 -
How to write off repayment of a business loan
You can’t write off the loan, but you may be able to deduct interest paid.
4 min read Nov 05, 2021 -
How to write off bad debt
There are a few ways to offset losses from business debt or nonbusiness debt.
4 min read Oct 18, 2021 -
Private mortgage insurance (PMI) federal income tax deduction returns
Homeowners who are paying PMI may be able to deduct this cost once again. Here’s how.
3 min read Mar 24, 2020 -
Americans think Washington will hurt their personal finances
Americans say they don’t expect to gain a lot from the GOP tax cut.
3 min read Dec 21, 2017 -
This Giving Tuesday, many Americans plan to give back
Approximately one out of five charitable donations will be larger than last year’s.
2 min read Nov 28, 2017