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.
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Some taxpayers actually try to write off things like tattoos and dance lessons.
You can only deduct real estate losses to offset gains, but there are a couple of exceptions.
These oddball charitable deductions can help your favorite nonprofit — and cut your tax bill.
Taking a loss can pay off at tax-filing time, as long as you sell by the end of the tax year.
Cut your tax bill by paying your January mortgage and property taxes in December.
Presidential candidate Ben Carson needs to do away with deductions if his flat-tax plan is to work.
Plan to tap savings bonds to pay for education? Avoid getting schooled by the taxman.
A vacation can be even more satisfying when you get financial help via the tax code.
More than 50 tax provisions have expired. Will Congress renew them?
The rules for deducting interest on home equity are confusing. Here’s how it works.