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

  • Special rules for some donations

    If some of your year-end donations are items instead of cash, you’ll have to follow some different deduction rules.

    4 min read Dec 22, 2006
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  • Capital gains exclusion for foreign home

    The rules apply to foreign homes even if you were not a resident of this country during the period of ownership and use, says CPA George Saenz.

    1 min read Nov 09, 2006
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  • Deducting rental property losses

    Rental real estate losses are not allowed to married or single taxpayers whose AGI exceeds $150,000 a year, says CPA George Saenz.

    1 min read Nov 08, 2006
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  • Debt Consolidation Basics

    A complete look at the options available for consolidating debts, identifying which plan works best based on individual needs and the pros and cons of the various options.

    1 min read May 01, 2006
  • Take tax control of your IRA conversion

    You can’t escape the tax pain of transferring a traditional IRA to a Roth account. You can, however, control it via systematic partial conversions.

    9 min read Apr 11, 2006
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  • 2007 exemption amounts

    Taxes are all about numbers. This table provide basic information about 2007 exemption amounts.

    1 min read Jan 01, 2006
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  • 2007 deduction amounts

    Check out the standard deductions and see under which category you and your family should file.

    3 min read Jan 01, 2006
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