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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When to deduct travel expenses
A tale of two business offices, thousands of miles apart: Can travel expenses be deducted?
1 min read Oct 13, 2009 -
Deducting court-ordered COBRA payments
In a divorce, the medical expenses of the ex-spouse may be deductible as alimony.
2 min read Aug 04, 2009 -
Should tax fears alter retirement plan?
Tax diversification remains a cornerstone of a sound 401(k) retirement savings strategy.
1 min read Aug 03, 2009 -
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 -
Figuring car depreciation
There are several factors in figuring the depreciation rate on a car used for business.
2 min read Jun 23, 2009 -
Video: Miscellaneous itemized deductions
Items in the miscellaneous category may help reduce your tax bill.
Apr 15, 2009 -
How do I: Calculate my taxable income?
Doing your taxes can be a headache, and figuring out your taxable income is no exception.
2 min read Jan 25, 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 -
Maximizing farming deductions
Don’t fence in your CPA if you want to claim all your farming business deductions.
2 min read Jan 13, 2009 -
Does a company T-shirt count as income?
A company may want the shirts off employees’ backs, but certain corporate gifts aren’t counted as income.
1 min read Dec 29, 2008 -
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 -
Gain on rental real estate
Owners of condemned rental real estate can defer capital gains if they purchase another rental.
3 min read Oct 16, 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 -
Maximizing your 401(k)
Save income tax, and set your 401(k) contributions to maximize your employer’s match.
2 min read Aug 12, 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