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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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 -
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 -
Qualifying for earned income credit
Workers have to qualify for earned income credit, says CPA George Saenz.
1 min read Jan 30, 2008 -
Window tinting can mean a tax credit
You may still be able to recoup part of the cost of this simple energy-saving home improvement through a credit on your 2007 tax filing.
4 min read Jul 16, 2007 -
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.
2 min read Mar 27, 2007 -
Tax changes for the 2005 filing year
Check out these changes to the Income Tax Act that could save you money.
3 min read Jan 13, 2007 -
Capital gains exclusion for foreign home
The rules apply to foreign homes even if you were not a resident of this country during the period of ownership and use, says CPA George Saenz.
1 min read Nov 09, 2006 -
Deducting rental property losses
Rental real estate losses are not allowed to married or single taxpayers whose AGI exceeds $150,000 a year, says CPA George Saenz.
1 min read Nov 08, 2006 -
Home sweet homeownership tax breaks
There are lots of tax reasons to own a home. Here’s how to make the most of them and avoid the pitfalls.
7 min read Feb 16, 2003 -
Tax Talk: valuing charitable donations and taxes on sale of land
Tax Adviser George Saenz answers reader questions on valuing charitable donations and taxes on a partial land sale.
2 min read Mar 23, 2001 -
Charitable gifts pay off for nonprofits and the donor
Donations can be valuable tax-cutting tools if you follow documentation rules.
2 min read Jan 22, 2001