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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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 -
Get a tax break for college tuition fees?
If your kid is willing to study, bone up on these government dollars for scholars.
2 min read Feb 16, 2012 -
Calculating 2 mileage rates
The standard mileage deduction was raised on July 1 from 51 cents per mile to 55.5 cents.
Feb 07, 2012 -
Schedule L and Schedule M are gone
For 2011 tax returns, there’s no need to file Schedule L or Schedule M because the relevant tax claims are no longer allowed.
1 min read Feb 07, 2012 -
Deducting investment interest expense
Your mortgage interest can offset investment income from dividends, interest and capital gains.
2 min read Jan 12, 2012 -
12 tempting tax tips for 2012
No new taxes are planned, but you may want to take advantage of loopholes before they close.
5 min read Dec 27, 2011 -
Section 179 deduction and bonus depreciation
Section 179 deduction and bonus depreciation let businesses write off expenses more quickly.
2 min read Dec 08, 2011 -
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 -
Ordinary loss: extraordinary tax deduction
If inherited property loses value, your tax strategy depends on how the IRS will categorize your loss.
3 min read Jul 12, 2011 -
Deducting taxes on unimproved land
You can elect to capitalize some expenses if you can’t benefit from a tax deduction.
2 min read Jun 02, 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 -
How to account for business loss
If you use the cash-basis method of accounting, you can’t incur a loss for an uncollected account.
1 min read Apr 19, 2011 -
10 craziest tax deductions for 2011
Tax time lends itself to the occasional crazy deduction.
1 min read Apr 18, 2011 -
Job hunting could help cut your taxes
You may be pleasantly surprised to learn that your job search can help cut your tax bill.
1 min read Apr 12, 2011 -
Deducting travel and entertainment expenses
You can treat tickets as either a gift or entertainment, whichever is to your advantage.
2 min read Apr 07, 2011 -
10 craziest tax deductions for 2011
Taxpayers cook up wacky ways to shave their taxes. CPAs share the funniest ones.
5 min read Apr 05, 2011 -
Paying tax on foreign real estate
You can’t double dip, but you also don’t want to be double taxed on your Canadian rental unit.
2 min read Apr 05, 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