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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Audio: Wise tax moves for 2009
Here are new tax laws you’ll need to know in order to file in 2009.
1 min read Jan 13, 2009 -
Does a company T-shirt count as income?
A company may want the shirts off employees’ backs, but certain corporate gifts aren’t counted as income.
1 min read Dec 29, 2008 -
Life insurance to pay off debt
When life insurance is used to pay off a loan, it’s an exception to the tax-free rule.
1 min read Nov 05, 2008 -
Valuing goodwill
Helping a new owner learn the ropes should be reflected in the purchase price of the business.
2 min read Oct 23, 2008 -
Gain on rental real estate
Owners of condemned rental real estate can defer capital gains if they purchase another rental.
3 min read Oct 16, 2008 -
Proof for claiming dependents
The IRS rules for claiming a dependent seem simple, but proving it can be complex.
2 min read Oct 07, 2008 -
Deducting exercise equipment
If a doctor prescribes exercise equipment for physical therapy, the IRS allows a deduction.
1 min read Sep 24, 2008 -
When to claim credit for the kids
The child care credit is not meant to subsidize education, but to allow parents to work.
2 min read Sep 23, 2008 -
Rules for claiming dependents
A student with high medical bills can be claimed as a dependent if the criteria are met.
2 min read Sep 17, 2008 -
Taxes on per diem
When figuring whether or not per diem is taxed, take into account your ‘tax home,’ says CPA George Saenz.
2 min read Sep 16, 2008