Tax Deductions

Homeowners enjoy tax advantages that are not available to renters. Of these, certain deductible settlement fees, also known as closing costs, can be deducted in the tax year that the property was...

A tax deduction affects a taxpayer's income tax at the end of the year. A tax deduction is subtracted from your total gross income when you compute your income taxes. The tax deduction lowers your...

One of the ways homeowners lower their tax bill is by taking the home mortgage interest tax deduction on Schedule A of their tax forms. This deduction could save you thousands of dollars, and...

Investment losses are the actual capital loss resulted in selling investments. This could include stocks, bonds, mutual funds in any taxable investment account. The investment loss incurred can be...

The Internal Revenue Service allows a number of deductions for home improvements, including some roofing fixes. These benefits extend to money that is borrowed to cover these costs.

There are a number of ways to benefit from government programs while paying for a student's education. Your first task is to determine whether or not your student qualifies as a dependent for tax...

If you deduct business expenses on your tax return, you may be able to claim a deduction for expenses of your trip. You must have appropriate documentation to support your claims, and cruises are...

If you ever find yourself in the position of having a spare house you don't need, consider donating it to a charity. Not only will the charity benefit immensely either from the use of the home or...

When tax time comes around, people start looking for deductions to lower their income taxes. Section 179, because of the way it was written, allows small and medium-size businesses to write off...

If you use your vehicle for business purposes, medical reasons, moving for a new job, or when performing charitable activities, you may be able to deduct your mileage for tax purposes. Mileage...

Many charities accept cars as donations so they can resell them and raise money for the sale. Your car donation counts as part of your charitable donations, which cannot exceed 50 percent of your...

One of the biggest advantages to buying a home is the tax benefit the IRS gives homeowners regarding mortgage interest. The amount you pay your lender in interest each month can be deducted from...

When tax time rolls around, many taxpayers spend a lot of time looking for deductions to reduce the amount of money they have to pay the government. If you are a taxpayer who itemizes his or her...

Every year, thousands of people filing tax returns overlook deductions that could lower their tax liability and get them a larger refund or lessen the amount that they owe. The most commonly...

Concerns about greenhouse gas emissions and climate change have renewed government focus and spending on clean energy sources such as solar power. For example, a program under the American...

One of the advantages of contributing to a traditional IRA is that most people can deduct the value of their contributions from their taxes as an above-the-line deduction. This means you can take...

Bad debt income tax deductions in the U.S. are available to some taxpayers who can meet the complex IRS regulations pertaining to qualifying bad debt. Both individuals and business taxpayers may...

Truck drivers can claim a variety of tax deductions when on the road. Mileage, per diem meal allowances, truck repair and maintenance costs, insurance costs, and union dues are some of the tax...

If you're looking to donate a car to charity for a tax deduction, you can get the write-off if you meet certain requirements and file the appropriate paperwork. Whether it's a junk auto or a car...

Starting a business is a risky venture. Fortunately, there are a number of rewards from self-employment, including income tax deductions that can significantly offset the costs involved with...

The United States Tax Code allows for the deduction of certain medical expenses from your federal income taxes. Among the medical expenses that may be deducted are expenses associated with...

When preparing a tax return, it can be easy to focus on the hot, news-making deductions of the season, while overlooking more routine ones. Everyday expenses like doctor visits, retirement plan...

Small business owners or employees who operate their business from home may be eligible to take home office tax deductions. The IRS details strict requirements for eligibility, so contact the IRS...

Chances are good that if you have to deal with business income and deductions on your U.S. tax return, you will have to enter the world of depreciation sooner or later. One look at Form 4562,...

The U.S. Government allows taxpayers a deduction for contributions made to qualified nonprofit organizations. This means that individuals can reduce the amount of income their taxes are based on,...

The federal government allows you to take several tax credits and tax deductions related to education expenses. Whether a benefit is credit or deduction is determined by federal tax law. Tax...

Older or otherwise unwanted vehicles can still have value to charities, churches, synagogues, or other 501(c)(3) organizations. Some charities accept donated vehicles to sell for cash. Others...

The IRS offers a variety of deductions that reduce the amount of your taxable income While many taxpayers choose to itemize deductions, if you don't have many deductible expenses, you may choose...

You probably do not want to pay any more taxes on your s corporation than necessary. Consequently, you should always look for all possible tax deductions for your business. Every deduction reduces...

Ever notice how the piles of clothing that no longer fit continue to grow larger and larger in your closets? Why not clean out the piles by donating the those clothes to charity? Let's face it, by...

Many charities advertise that they accept donations of old cars to help the charity raise funds. When you choose to donate an old car to a charity, the charity typically sells the car at an...

Medical expenses are the amounts incurred to diagnose, prevent, alleviate and/or treat disease(s) affecting any part of the body. They include the costs you paid for dental, supplies, equipment,...

The IRS allows for a range of tax deductions to help taxpayers lower their taxable income. Tax deductions fall in two categories: above-the-line deductions and itemized deductions. If a deduction...

There are many tax advantages to home ownership in comparison with renting. Knowing what fees are tax deductible can save a lot of time and headache when tax time rolls around.

In addition to providing a stream of income, rental properties can also help save money on taxes. As a landlord, it is important to be aware of what expenses you can--and cannot--claim on your...

One type of charitable contribution that many people make is to donate eyeglasses. The Lions Club International collects glasses to be used to help other people with eye problems. Other times...

The harder you find yourself working for your money, the more you want to keep it. That's when deductions become more important because they can reduce your taxable income. If you are getting...

Tax deductions are ways to reduce your taxable income. Dental bills are lumped together in the same category as medical expenses for the purposes of itemized tax deductions. If you chose to claim...

The Internal Revenue Code, or IRC, is an ever-changing tax code model, attempting to thwart would-be tax evaders and abusers. The complexity of the IRC is the result of our government's best...

As a homeowner you pay more than just a mortgage; you pay to maintain and improve your home as well. Beside purchases and improvements, interest is one of the largest expenses you pay for your...

IRAs are individual retirement accounts that you contribute to on your own, rather than through your employer. You should know the tax laws regarding each before you invest.

The child tax credit is valued at up to $1,000 for each qualifying child you have as of 2009. A tax credit directly decreases the amount of taxes you pay. If your tax bill would have been $5,000...

Selling a home is typically a taxable event, and one of the largest transactions of your life. If not done correctly, it may also result in one of the largest bills you receive in your life....

Filing taxes can be a confusing and frustrating task for anyone. With so many forms, it is often difficult to know which one to use, and tax laws and requirements change from year to year. It is...

The key to getting the refund you deserve on your tax return is knowing all of the deductions you are eligible to take and reducing your tax liability as much as you possibly can. There are...

Most people would like to find ways to make their tax to the federal government smaller. This can be done by taking legal deductions from your income that lower your taxable income, which in turn,...

In the late 1800s, the U.S. government began regulating transportation companies to prevent railroads from charging unfair rates. Two hundred years later, truck drivers now offer transport...

Many people believe that the best way to avoid a tax audit by the Internal Revenue Service is to keep their deductions close to the national average. While this may or may not be true, knowing the...

Cash deductions are the items you paid during the tax year that can be claimed with your other itemized deductions. Most individual taxpayers take the standard deduction. However, if your total...

Thanks to the phenomenon of flipping (purchasing houses with the idea of selling them for a profit), some people became accidental landlords when they weren't able to sell the property without...