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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.
Here’s what to know about records to hang on to and how long you should keep them.
Taxpayers can follow their refund online, by phone or with a smartphone app.
Personal credit card use is almost never eligible for a deduction come tax season, but if you’re using a business credit card you can likely deduct your fees.
A new IRS form helps you figure tax withholding from your paycheck. But it’s not easy.
Determine which is best for you — the simplified or the regular home office deduction.
Find out the rules of claiming dependents on taxes, whether it’s your child or relative.
Are you caring for an aging parent? If so, you may qualify for some tax relief.
You can write off certain job-hunting expenses, but there are rules and limits.
Tax breaks on hobby income are less favorable than for a business. Here’s how it works.
Some taxpayers will try anything to reduce their taxable income, say seasoned CPAs.
Do you pay or receive alimony payments? If so, pay attention to these tax rules.
The IRS cut mileage deductions in each of the last two years due to declining costs.
Little expenses can add up and may be tax deductible. Be sure the check these out.
Those big events in your life have tax consequences — some good, some bad.