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
Latest Tax Deduction Articles
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Mileage deduction amounts for 2016 and 2017 go down instead of up
The IRS cut mileage deductions in each of the last two years due to declining costs.
1 min read Feb 08, 2017 -
10 overlooked tax breaks that people often miss when filing their tax return
Little expenses can add up and may be tax deductible. Be sure the check these out.
5 min read Jan 25, 2017 -
7 milestones in life that trigger taxes: Birth, marriage, work, homeownership and more
Those big events in your life have tax consequences — some good, some bad.
6 min read Jan 16, 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 -
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