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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.
Net income provides a more accurate account of the financial status. Here’s why.
Learn how these differ and how they both can impact your budget.
Certain windfalls are considered capital gains. Here’s how to determine what you’ll owe.
A person’s gross income is used to determine how much they have to pay toward federal and state income taxes.
Little expenses can add up and may be tax deductible. Be sure the check these out.
Those big events in your life have tax consequences — some good, some bad.
Victims of Hurricane Matthew or other disasters may claim losses early to get cash.
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.
You tried to take an exemption on your father, but the IRS said no. Find out why.
Want to put your vacation home to work? Rent it. Just make sure you follow the IRS rules.
You can’t write off your mortgage payments, but there are other tax breaks.
You must be considered ‘unmarried’ to file as head of household. Here’s what that means.
You can’t write off your Mom’s income, but you may be able to claim her as a dependent.
You can carry over losses on certain capital assets forever, but it’s not simple.