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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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 01, 2013 -
Are dental expenses tax-deductible?
Dental expenses you paid for someone else may be tax-deductible under these circumstances.
2 min read Sep 24, 2013 -
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 -
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 -
Reimburse employee for insurance premiums
You can reimburse your employee for the insurance premiums he pays to his old job.
2 min read Jan 22, 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 -
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 -
What makes up the ‘fiscal cliff’?
Expiring tax breaks and spending cuts may create an avalanche of revenue, but look out!
Dec 17, 2012 -
Declaring an investment loss on land
You’ll have to prove your investment intention to the IRS. Here’s what you need to know.
2 min read Dec 04, 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 -
Claiming rental home deductions
You placed your home in service last December, so you can claim certain expenses for 2011.
2 min read Jul 03, 2012 -
Pay taxes on unlawful termination award?
Not long ago, you could have lost your entire termination award to your attorney and the IRS.
2 min read Jun 21, 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 -
Taxes: Cost of being a professional athlete
Did you know pro athletes have to file taxes in 10 to 26 places? See what the ‘jock tax’ costs.
5 min read Mar 15, 2012 -
8 zany tax deductions to avoid claiming
Did you hear the one about the fully deductible boyfriend? See what else people tried to deduct.
5 min read Feb 27, 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