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

Ex cannot claim mortgage interest deduction

Because the ex won’t make house payments, she can’t take any deductions relating to her former home.

2 min read Jul 06, 2010
Getting the most from itemized deductions

If you’re going to the trouble of taking tax deductions, make sure you don’t miss any.

4 min read Mar 26, 2010
10 wackiest tax deductions for 2010

Writing off the cat as an ‘exterminating expense’? It’s just one of 2010’s wackiest tax deductions.

6 min read Feb 09, 2010
Sales tax deduction for a new roof?

When it comes to home renovations like a new roof, the sales tax deduction can get confusing.

2 min read Jan 19, 2010
Bankrate’s 2010 Tax Guide: Filing & refunds

Get it done right the first time with this advice on free filing, e-filing, documentation and refunds.

Jan 05, 2010
Bankrate’s 2010 Tax Guide: Family and education

You care for your children and dependents all year. At tax time Uncle Sam may take care of you.

Jan 05, 2010
2010 Tax Guide: Realty/capital gains

Home, sweet home. Your home is likely your biggest investment and it affords you some great tax breaks to boot.

Jan 05, 2010
Bankrate’s 2010 Tax Guide: How do I …?

We’re here to help make your tax preparations easier than ever!

Jan 05, 2010
2009 tax holiday schedule

Find out if your state offers tax breaks on back-to-school shopping and the rules for the discount.

8 min read Jul 30, 2009
Home office can have hidden tax costs

Claiming a home office deduction has many tax benefits, but it has some drawbacks.

7 min read Jan 22, 2009
Life insurance to pay off debt

When life insurance is used to pay off a loan, it’s an exception to the tax-free rule.

1 min read Nov 05, 2008
Valuing goodwill

Helping a new owner learn the ropes should be reflected in the purchase price of the business.

2 min read Oct 23, 2008
Proof for claiming dependents

The IRS rules for claiming a dependent seem simple, but proving it can be complex.

2 min read Oct 07, 2008
Deducting exercise equipment

If a doctor prescribes exercise equipment for physical therapy, the IRS allows a deduction.

1 min read Sep 24, 2008
When to claim credit for the kids

The child care credit is not meant to subsidize education, but to allow parents to work.

2 min read Sep 23, 2008
Rules for claiming dependents

A student with high medical bills can be claimed as a dependent if the criteria are met.

2 min read Sep 17, 2008
Taxes on per diem

When figuring whether or not per diem is taxed, take into account your ‘tax home,’ says CPA George Saenz.

2 min read Sep 16, 2008
Can big casino comps be offset with gambling losses?

Figuring whether to include casino comps as taxable income is like playing roulette.

2 min read Aug 07, 2008
Income limits for IRAs

Income limits rule for spouses who want to contribute to a deductible IRA, says CPA George Saenz.

2 min read Jul 23, 2008
Writing off travel expenses

You can deduct reasonable and ordinary travel expenses when away from home on a temporary work assignment, says CPA George Saenz.

1 min read Mar 27, 2007