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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2 ways to deduct your home office on your taxes
Determine which is best for you — the simplified or the regular home office deduction.
4 min read Mar 07, 2017 -
A how-to guide on claiming dependents on taxes: It’s not an intuitive exercise
Find out the rules of claiming dependents on taxes, whether it’s your child or relative.
5 min read Mar 03, 2017 -
IRS rules for claiming a parent as a dependent: 5 factors to consider
Are you caring for an aging parent? If so, you may qualify for some tax relief.
5 min read Mar 01, 2017 -
Your job search expenses may be tax-deductible
You can write off certain job-hunting expenses, but there are rules and limits.
2 min read Feb 28, 2017 -
Got a hobby? It might qualify as a business, with all the extra tax breaks
Tax breaks on hobby income are less favorable than for a business. Here’s how it works.
3 min read Feb 27, 2017 -
7 wacky tax deductions to avoid in 2017 if you want to dodge a tax audit
Some taxpayers will try anything to reduce their taxable income, say seasoned CPAs.
5 min read Feb 21, 2017 -
How alimony payments affect your taxes when you’re the payee or the payer
Do you pay or receive alimony payments? If so, pay attention to these tax rules.
2 min read Feb 10, 2017 -
Mileage deduction amounts for 2016 and 2017 go down instead of up
The IRS cut mileage deductions in each of the last two years due to declining costs.
1 min read Feb 08, 2017 -
7 milestones in life that trigger taxes: Birth, marriage, work, homeownership and more
Those big events in your life have tax consequences — some good, some bad.
6 min read Jan 16, 2017 -
Get disaster relief from the IRS
Victims of Hurricane Matthew or other disasters may claim losses early to get cash.
7 min read Oct 19, 2016 -
IRS rejected my claim for Dad as an exemption on my return. How do I fix this?
You tried to take an exemption on your father, but the IRS said no. Find out why.
3 min read Aug 16, 2016 -
Tax rules on renting your vacation home
Want to put your vacation home to work? Rent it. Just make sure you follow the IRS rules.
5 min read Jul 27, 2016 -
Investor can take depreciation expense and other deductions for rental property
You can’t write off your mortgage payments, but there are other tax breaks.
3 min read May 17, 2016 -
Know the tax rules when claiming head-of-household filing status
You must be considered ‘unmarried’ to file as head of household. Here’s what that means.
3 min read Apr 19, 2016 -
Claiming a dependent parent who draws Social Security on my tax return
You can’t write off your Mom’s income, but you may be able to claim her as a dependent.
2 min read Apr 12, 2016 -
Capital loss carryover rules for long-term capital asset loss of $100,000
You can carry over losses on certain capital assets forever, but it’s not simple.
2 min read Apr 05, 2016 -
Your foreign stepchildren may be qualifying relatives for tax purposes
You may be able to claim exemptions for your stepchildren from Mexico. Here’s how.
3 min read Mar 01, 2016 -
8 foolhardy, silly and outrageous tax deductions: Bankrate’s 2016 edition
Some taxpayers actually try to write off things like tattoos and dance lessons.
5 min read Feb 26, 2016 -
Can I defer passive activity loss to next year if earnings are too high?
You can only deduct real estate losses to offset gains, but there are a couple of exceptions.
2 min read Feb 16, 2016 -
Capital losses can help cut your tax bill
Taking a loss can pay off at tax-filing time, as long as you sell by the end of the tax year.
4 min read Dec 16, 2015