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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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 Mar 11, 2024 -
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.
5 min read Nov 29, 2023 -
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 -
When can you take a tax deduction for moving expenses?
If your new job prompted a move, you might be able to write off the costs. Here’s how.
2 min read Apr 04, 2017 -
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 -
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 -
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 -
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 -
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 -
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 -
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 -
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 -
Tax exclusion for savings bonds simplified
Plan to tap savings bonds to pay for education? Avoid getting schooled by the taxman.
2 min read Sep 25, 2015 -
Tax help for business, pleasure trips
A vacation can be even more satisfying when you get financial help via the tax code.
4 min read Sep 02, 2015 -
Can I claim damage in our house as a casualty loss?
If you meet the IRS criteria for a casualty loss, you can claim it. But there are hurdles.
2 min read Jul 21, 2015 -
Home sweet homeowner tax breaks
Owning a home offers lots of benefits, including ways to reduce your tax bill.
7 min read Jul 15, 2015 -
Why not deduct rental losses?
If the rules prevent you from deducting losses now, those losses won’t be gone forever.
2 min read Apr 28, 2015 -
The IRS offers ways to save on college
Want help in paying $4,000 of your college costs? Then look no further than your tax return.
4 min read Apr 07, 2015 -
Can I deduct the electric bills I paid for Dad?
Generosity to family members may not result in big tax savings. Here’s what you can deduct.
2 min read Apr 02, 2015