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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Is private mortgage insurance (PMI) tax-deductible?
Homeowners who are paying PMI may be able to deduct this cost once again. Here’s how.
3 min read May 31, 2024 -
Mortgage interest deduction: What it is and what qualifies
The mortgage interest deduction allows you to reduce your taxable income.
8 min read Mar 25, 2024 -
The tax benefits of leasing vs. buying a car for your business
Is it better to lease or purchase a business vehicle? That depends on vehicle use.
4 min read Mar 25, 2024 -
Open an IRA before the tax deadline to save on taxes
It’s not too late to get a tax deduction for your IRA contributions.
4 min read Mar 11, 2024 -
What is the first-time homebuyer tax credit?
This once and future tax break for first-timers is still pending. Until it returns, here are alternatives.
5 min read Mar 20, 2024 -
How to write off repayment of a business loan
You can’t write off the loan, but you may be able to deduct interest paid.
5 min read Jan 23, 2024 -
Standard deduction amount for 2022-2023: How much it is and when to take it
Typically, taxpayers have two options: Take the itemized deductions or take the standard deduction.
3 min read May 02, 2023 -
5 tax deductions for homeowners
The IRS offers several tax breaks for homeowners.
4 min read Jun 20, 2023 -
Americans think Washington will hurt their personal finances
Americans say they don’t expect to gain a lot from the GOP tax cut.
3 min read Mar 11, 2022 -
This Giving Tuesday, many Americans plan to give back
Approximately one out of five charitable donations will be larger than last year’s.
2 min read Sep 13, 2021 -
When can you take a tax deduction for moving expenses?
If your new job prompted a move, you might be able to write off the costs. Here’s how.
2 min read Dec 21, 2020 -
How to cut your taxes using above-the-line deductions right on your Form 1040 or 1040a
Some taxpayers may claim up to a dozen deductions right on their Form 1040. Here’s how.
4 min read Mar 11, 2022 -
Tax lesson for teachers: Educator expenses can be written off
Teachers can deduct classroom supplies, professional development courses and more.
2 min read Mar 11, 2022 -
IRS Schedule A deductions can lower your tax bill
It’s true! There are some good taxes, and you can use them to reduce your IRS bill.
2 min read Mar 11, 2022 -
2 ways to deduct your home office on your taxes
Determine which is best for you — the simplified or the regular home office deduction.
4 min read Sep 09, 2021 -
A how-to guide on claiming dependents on taxes: It’s not an intuitive exercise
Find out the rules of claiming dependents on taxes, whether it’s your child or relative.
5 min read Dec 16, 2021 -
IRS rules for claiming a parent as a dependent: 5 factors to consider
Are you caring for an aging parent? If so, you may qualify for some tax relief.
5 min read Jun 20, 2024 -
Your job search expenses may be tax-deductible
You can write off certain job-hunting expenses, but there are rules and limits.
2 min read Mar 11, 2022 -
Got a hobby? It might qualify as a business, with all the extra tax breaks
Tax breaks on hobby income are less favorable than for a business. Here’s how it works.
3 min read Dec 16, 2021 -
7 wacky tax deductions to avoid in 2017 if you want to dodge a tax audit
Some taxpayers will try anything to reduce their taxable income, say seasoned CPAs.
5 min read Oct 20, 2021