Tax Deductions

Latest Tax Deduction Articles

• Standard tax deduction amounts for the 2016 year

  You might take the standard deduction if you don’t itemize. Here’s the new threshold.

  2 min read Jan 06, 2017

  

• Standard or itemized tax deduction?

  You have to do some math to determine which method to use, but it’s worth it.

  3 min read Jan 05, 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

  

• Trump’s tax deduction change upsets charities

  Donald Trump’s revised tax plan is less costly, but at the expense of those who contribute to charities. They would lose more of the value of their itemized deductions.

  3 min read Sep 20, 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