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

Long-term capital gains tax basics

Certain windfalls and profits are considered capital gains. Here’s how to determine what you’ll owe.

10 min read

2024-2025 tax brackets

Knowing your federal income tax bracket can help you manage your money better. Here are the federal tax brackets and income tax rates for 2025 and 2024.

8 min read

Section 179 vs. bonus depreciation

The Section 179 deduction and bonus depreciation both let businesses write off expenses quickly. Here’s what you need to know.

6 min read

10 tax deductions and tax credits

These 10 tax credits and deductions can help you trim your tax bill and, in some cases, even boost your refund.

7 min read

Latest Tax Deduction Articles

8 tax breaks that cost Uncle Sam big money

As Congress tries to reduce the deficit, some tax breaks may be on the chopping block.

5 min read Mar 30, 2015
Bait-and-switch maneuvers on tax breaks

Some tax breaks aren’t what they appear to be. Be sure to read the fine print.

5 min read Mar 19, 2015
Writing off a worthless stock

Did one of your investments totally tank? It may become valuable as a tax break.

2 min read Mar 11, 2015
Deduct costs of hosting foreign student?

You can’t get a tax deduction for hosting an exchange student for these reasons.

2 min read Mar 10, 2015
Moving expenses deduction for job change

You have to meet certain tests before you can deduct moving expenses for a job change.

3 min read Jan 27, 2015
Hire a pro to find missed tax breaks?

Here’s how to find a tax pro who can determine if you missed out on some tax breaks.

2 min read Jan 20, 2015
Depreciation of equipment on profit-loss statement

Depreciation lets you spread the cost of a fixed asset over its useful life.

2 min read Sep 16, 2014
Deduct cost of paying someone to drive car?

You can pay a friend to drive your car and deduct the cost if you meet certain tests.

2 min read Jul 31, 2014
IRS classifies tax payment as a tax refund

You need to find out what happened to your tax refund and why your payment wasn’t applied.

3 min read Jul 10, 2014
Adjusting for change in tax-filing status

To figure out how much you’ll owe next year, recalculate your taxes as a single filer.

2 min read Jul 08, 2014
Deduct mortgage interest on a 2nd home?

The interest on the home you bought for your in-laws may be deductible in these cases.

2 min read Jun 17, 2014
Can I claim my son as a dependent

Your son may have had to file taxes due to his part-time job. Can you still claim him?

2 min read Jun 10, 2014
Refinancing for rental property deduction

Refinancing a rental to create a tax deduction may work, but losses may be limited.

2 min read May 29, 2014
Child-related tax breaks growth chart

Children offer parents numerous tax advantages from birth through the college years.

Apr 04, 2014
Deducting your home office costs

If you work from home, you might be able to write off your home office space.

4 min read Mar 24, 2014
8 outlandish tax deductions to skip in 2014

Certified public accountants recall the most inventive write-offs they’ve seen clients make.

6 min read Mar 12, 2014
Tax benefits for education of grandkids

While you can’t deduct your grandkids’ college costs, you can get a different tax break.

2 min read Jan 30, 2014
Wild and crazy tax deductions 2013 edition

Giving a bartender a shot at preparing your taxes is one way to attract an auditor.

7 min read Mar 25, 2013
Premature to claim bad debt write-off

An investor asks if he can write off a bad debt before he gives his friend a chance to repay it.

2 min read Mar 14, 2013
Qualifications for moving deduction

You have to meet three criteria before you can deduct moving expenses related to a new job.

2 min read Feb 19, 2013