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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Child-related tax breaks growth chart
Children offer parents numerous tax advantages from birth through the college years.
Sep 28, 2021 -
Claim car repair costs due to a pothole?
A casualty loss results from unexpected events such as floods and maybe potholes, too.
2 min read Jan 12, 2022 -
Deducting your home office costs
If you work from home, you might be able to write off your home office space.
4 min read Sep 03, 2021 -
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 Sep 09, 2021 -
Deduct mortgage interest on three houses?
You can deduct mortgage interest on two homes. But if you rent the third, you have an option.
2 min read Sep 28, 2021 -
Slash your tax bill in 2014 and beyond
An expert says taxpayers leave too much money on the table. He offers tips to save more.
3 min read Dec 16, 2021 -
Deductible expenses of two homes
You’re in a tough spot, but you can probably deduct property taxes and mortgage interest.
2 min read Oct 20, 2021 -
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 Nov 09, 2020 -
Report settlement proceeds on taxes
Settlement proceeds may or may not be deductible, depending on the facts and circumstances.
2 min read Oct 22, 2019 -
Tax deductions for work expenses
The protective gear is tax deductible, but do the math to be sure it makes sense to itemize.
2 min read Oct 22, 2019 -
Determining basis as a joint tenant
You would have gotten a bigger tax break if your aunt had left her property to you in a trust.
3 min read Oct 22, 2019 -
Taking a tax deduction on an RV as a home
The rules for deducting mortgage interest on income taxes are broader than you might think.
2 min read May 12, 2022 -
Determining taxation of disability benefits
One box of Form 1099-R tells if you owe an additional penalty, another if you owe tax.
1 min read Sep 12, 2022 -
Claiming unallowed losses on property sale
You can claim unallowed losses when you sell your property. Here’s what you need to know.
2 min read Sep 12, 2022 -
Can I get rental income loss deduction?
It’s nice of you to reduce your tenant’s rent. You can’t deduct a loss, but you have options.
2 min read Feb 08, 2022 -
Depreciation rules of a business property
You can’t write off the down payment, but you can do something else to lower your tax bill.
2 min read Dec 16, 2021 -
Claim lost down payment as a capital loss?
You can’t deduct the down payment as a capital loss, but you can deduct it as an ordinary loss.
2 min read Oct 22, 2019 -
Are dental expenses tax-deductible?
Dental expenses you paid for someone else may be tax-deductible under these circumstances.
2 min read Oct 22, 2019 -
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 Jan 27, 2020 -
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 Dec 21, 2020