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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.
Here’s what to know about records to hang on to and how long you should keep them.
Taxpayers can follow their refund online, by phone or with a smartphone app.
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.
A new IRS form helps you figure tax withholding from your paycheck. But it’s not easy.
You might take the standard deduction if you don’t itemize. Here’s the new threshold.
You have to do some math to determine which method to use, but it’s worth it.
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.