Tax Law

Claiming a dependent child for tax purposes is a simple procedure. It is beneficial to do as it affords you tax benefits not available to those without children. It increases your number of...

Tax deduction limits vary according to the type of deduction claimed, and the tax laws that apply for the current tax year. Tax deduction limits can change from year to year as new laws are passed...

If you donated money to certain entities or causes, you might be able to claim a tax deduction for that donation. Generally, you can only claim the deduction if you donated to a qualifying...

If you donate used clothing for charity, you can probably claim a tax deduction equal to the value of the donated clothing. The tax deduction is beneficial to people who regularly donate their...

If you make a gift or donation you might be able to claim a tax deduction equal to the value of the gift. The tax deduction is a valuable tax benefit, especially for people who regularly donate to...

To claim a tax deduction on a tax return, the deduction must be authorized by the tax laws or IRS regulations; knowing the most commonly claimed deductions could save you a significant amount of...

If you pay for college tuition during the year, you can minimize your federal income tax liability by claiming a deduction for the expenses you made on education. You can claim an education...

Kids are expensive, but they also save money on taxes. If you have minor children, you can take advantage of several tax benefits including dependency exemptions, credits, adjustments to income,...

As a truck driver, whether you are self-employed or an employee, you can claim some deductions on a Schedule C to reduce tax liability if there are any out-of-pocket non-reimbursed expenses...

The best guideline for preparing taxes is to claim every single deduction, credit and income exclusion that you are legally entitled to claim, but don't claim anything else. While the chances of...

You can claim a tax deduction equal to the value of your car if you donate your car to the right type of organization. As a practical matter, there is nothing special about donating a car instead...

To "write off" something on your taxes generally means to claim that something as a deduction or credit on your tax return. A tax credit is different than a deduction. And, there are different...

Raising children is expensive, but at least the kids save you money on taxes. The Internal Revenue Service (IRS) provides numerous tax benefits for taxpayers with children, including dependency...

If you donate property to a charitable organization, church, nonprofit school or some other qualified organization, then you can claim an itemized tax deduction equal to the value of the donated item.

If you donate money or property to a charity, you may be entitled to a tax deduction. In other words, your generosity might result in reducing the amount of federal income tax you pay. This...

If you paid a lot of medical expenses during the year, you may be entitled to a reduction in your federal income tax liability. This article will outline when you can deduct medical expenses on...

All taxpayers can and should claim every deduction that the law allows. It's important, however, to understand the difference between itemized deductions and deductions taken above the line.

There are numerous tax benefits for education expenses, including deductions for work-related education expenses, education credits and student loan interest.

Simply stated, deduct everything you can legally deduct on your income taxes. Deductions reduce your taxable income, which directly reduces the amount of tax you pay. For example, if you have...

The IRS sets a standard mileage rate on which you can base several tax deductions linked to the use of your car. The standard mileage rate can change annually, and the rate also varies depending...

It should be noted that only about 1 in every 150 personal tax returns actually gets audited. However, there are certain "red flags" that stick out to the IRS. Just because you are getting...

If you use your car exclusively for business or work, you may claim tax relief for all related expenses. If you only use your car part-time for work, and part-time for personal use, you may still...

Whether you are an employee for a company or self-employed, you may be eligible to claim tax relief for your professional fees. The key is to demonstrate that the fees are a necessary part of...

It is a tragedy to need to claim a deceased child on your tax return. The death of a child is a hardship to parents, relatives and friends. It is, however, a comfort to know that the IRS has made...