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.
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.
A new IRS form helps you figure tax withholding from your paycheck. But it’s not easy.
The IRS issued more than 111 million refunds last year. Here’s how much money was refunded.
Your son may have had to file taxes due to his part-time job. Can you still claim him?
Refinancing a rental to create a tax deduction may work, but losses may be limited.
These catch-all expenses offer another way to cut your tax bill, but only if you have enough of them.
Children offer parents numerous tax advantages from birth through the college years.
A casualty loss results from unexpected events such as floods and maybe potholes, too.
If you work from home, you might be able to write off your home office space.
Certified public accountants recall the most inventive write-offs they’ve seen clients make.
You can deduct mortgage interest on two homes. But if you rent the third, you have an option.
An expert says taxpayers leave too much money on the table. He offers tips to save more.
You can’t write off the loan, but how you use the money determines what you can deduct.