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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.
Certain windfalls are considered capital gains. Here’s how to determine what you’ll owe.
Here’s what to know about records to hang on to and how long you should keep them.
Taxpayers can follow their refund online, by phone or with a smartphone app.
Personal credit card use is almost never eligible for a deduction come tax season, but if you’re using a business credit card you can likely deduct your fees.
The rules for deducting interest on home equity are confusing. Here’s how it works.
If you meet the IRS criteria for a casualty loss, you can claim it. But there are hurdles.
Owning a home offers lots of benefits, including ways to reduce your tax bill.
Presidential candidates want to simplify the tax code, but not at the expense of homeowners.
If your tax receipts fall short of itemizing thresholds, get around this roadblock by bunching expenses.
If you’re not as rich as Caitlyn Jenner, formerly Bruce Jenner, the cost of transitioning from one gender to another is a major expense. The tax code might be able to help.
If the rules prevent you from deducting losses now, those losses won’t be gone forever.
When doing your taxes, don’t overlook the points you paid to get a lower mortgage rate.
If college loans take a big bite of your income, the interest you’re paying on them could help cut your tax bill.
Want help in paying $4,000 of your college costs? Then look no further than your tax return.