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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Are investment fees tax-deductible?
IRA fees are tax-deductible if you use outside assets to pay them.
2 min read Feb 12, 2013 -
My son a qualifying child for tax purposes
At age 24, your son is too old to be a qualifying child, but he may be a qualifying relative.
2 min read Feb 05, 2013 -
Best time to buy home to get tax deductions
Closing during one time of the year helps maximize available tax deductions for homeowners.
2 min read Jan 08, 2013 -
What makes up the ‘fiscal cliff’?
Expiring tax breaks and spending cuts may create an avalanche of revenue, but look out!
Dec 17, 2012 -
Tax loopholes that mainly benefit the rich
The tax code contains many breaks that benefit the rich at everyone else’s expense.
5 min read Dec 17, 2012 -
How the fiscal cliff may affect your taxes
Here’s how the expiration of certain tax provisions could hit your family budget.
4 min read Nov 16, 2012 -
Accounting snafu with S-corp distributions
You need to resolve two issues that arise with disproportionate distributions in an S-corp.
3 min read Jun 07, 2012 -
Defer passive activity loss to next year?
If you’re entitled to the $25,000 deduction, you have to claim it regardless of your other income.
2 min read May 03, 2012 -
Tax advantages of long-term care insurance
The government improved tax incentives for long-term care insurance. Can you benefit?
4 min read Feb 27, 2012 -
Small-biz tax write-offs
Do you know which tax write-offs you can claim being a small business?
1 min read Feb 22, 2012 -
5 tax deductions that favor the rich
All is not equal when it comes to tax breaks. The rich benefit more.
4 min read Dec 07, 2011 -
Tax planning 2011: Smart moves to make now
As 2011 winds down, make these tax moves now to cut your next tax bill.
7 min read Nov 22, 2011 -
Uncle Sam helps out with children’s day care
Expenses paid with a flexible spending account can’t be claimed for the child care credit.
2 min read May 10, 2011 -
10 craziest tax deductions for 2011
Tax time lends itself to the occasional crazy deduction.
1 min read Apr 18, 2011 -
Claiming a loss in a 529 plan
You can only take a loss when all the funds in that 529 account have been distributed.
2 min read Mar 29, 2011 -
Move for newlywed tax-deductible
You can deduct your moving expenses if you meet certain criteria.
1 min read Mar 10, 2011 -
Deduct storage fees for a motor home?
The IRS is generous when it comes to vacation and second homes, to a point.
1 min read Feb 15, 2011 -
How the new tax law affects your 2010 taxes
Many of the provisions that expired in December 2009 are now in effect for the 2010 tax year.
3 min read Dec 20, 2010 -
Workers’ comp from agency not taxed
The general rule is that workers’ compensation benefits are tax-exempt to the recipient.
3 min read Dec 02, 2010 -
Volunteer vacations let you help others
If you unwind best by working, take a volunteer vacation and get tax breaks, too.
3 min read Aug 31, 2010