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

Can you deduct credit card fees?

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.

2 min read

Latest Tax Deduction Articles

  • Tax rebate FAQs

    Some folks will not be getting Treasury checks in their mailboxes, including parents of college kids.

    8 min read Feb 12, 2008
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  • Tax consequences of flipping real estate

    Flipping has flopped in many areas of the country, but it still can be a worthwhile investment option as long as you also are aware of its potential pitfalls.

    6 min read Feb 07, 2008
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  • Pick deduction option that cuts taxes

    Deductions reduce your taxable income. Here’s how to determine whether the standard or itemized approach will help you get the smallest tax bill.

    2 min read Jan 17, 2008
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  • 10 must-know tax terms

    These common IRS words and phrases will help you get started talking taxes.

    3 min read Jan 12, 2008
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  • 2007 tax bracket rates

    We’ve provided the federal personal income tax rates, based on ordinary income, for 2007 tax returns.

    0 min read Jan 09, 2008
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  • 2008 tax bracket rates

    Here are ordinary taxable income brackets for use in filing 2007 tax returns due April 15, 2009.

    0 min read Jan 09, 2008
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