Tax Deductions

If your adjusted gross income is below a certain amount based on your filing status and you made voluntary contributions to a retirement savings account, you may be able to claim a tax credit of...

If you are self-employed, you may be able to claim a tax deduction as an adjustment to income for a health insurance plan that covers you, your spouse and dependents if you set up the plan under...

These days, everyone is looking for tax breaks wherever you can find them. One kind of tax credit that is always available but is typically overlooked is receiving a credit for higher education...

If you need to pay someone to babysit your child while you work, you may be able to deduct a portion of the costs as a tax credit. This can mean big savings on your taxes because the deduction is...

Nonprofit education systems qualify for a tax payer's contribution to be tax-deductible as long as it doesn't surpass 50 percent of his taxable income. Even if the institution is private, it is...

When preparing your taxes for the previous year, you may be able to claim a credit for money spent on childcare. Daycare centers with more than one worker should have an Employer Identification...

To make home ownership more affordable for Americans, the Internal Revenue Service offers a number of tax deductions for owning your primary home.

According to Internal Revenue Service (IRS) regulations, eligible amounts for damage to property dedicated to personal or business use can be deducted from an individual or company's annual income...

You've had a lot of headaches helping your son get ready for college. After all the campus visits, the computer purchase, bedding selection, shelling out for new clothes and moving your student...

The Internal Revenue Service (IRS) allows certain mortgage expenses to be deducted from your taxes to enable more people to own homes in the United States. Most people can deduct all of the...

Income taxes are a percentage of a person's net income. Taxes are not paid on items purchased in order to do business or perform work. Federal and different state government guidelines determine...

You may deduct expenses on equipment used for self-employment purposes for up to $250,000 per year, according to the Section 179 deduction by the IRS. The equipment must be used solely for...

When you fill out your IRS Form W-4 tax-deduction paperwork for your job, you usually fill in deductions as they apply to your situation. If you are married with two children, then you may set...

Therapy does fall under the category of "medical expenses" and is therefore deductible on your taxes. However, not every taxpayer is eligible to take this deduction. In addition, some forms of...

A personal-use cell phone cannot be deducted on your tax return; however, there may be work-related reasons that can be used towards a cell phone deduction.

Aside from real estate and income taxes paid, home mortgage interest represents one of the largest federal income tax deductions for many people. Your home probably is your most valuable asset. If...

When you file your taxes, the Internal Revenue Service allows you to take two types of federal deductions: standard and itemized. The standard deduction is dependent on your filing status and is a...

The Internal Revenue Service (IRS) offers a tax deduction for the interest you pay on your mortgage. This is an itemized deduction, meaning it is taken in place of the standard deduction. To...

Generally vehicle expenses cannot be claimed as a tax deduction, but there are a few exceptions. These exceptions primarily relate to personal property tax and your job. For most, you must keep a...

Medical expenses are an allowable tax deduction on your federal income taxes as an itemized deduction. However, only certain medical expenses qualify.

Every year Americans are faced with computing their taxes. We all would like to make sure we are getting every legal tax deduction we can. Don't just let your accountant do your taxes blindly. ...

If you are just commuting to your job from your home, you cannot claim a deduction on your taxes for the miles that you drive. However, there are certain miles you may be able to deduct.

Most personal property insurance like auto or homeowner's insurance are tax deductible. Other types of insurance, like private mortgage insurance and health insurance may also be deductible.

Non-cash contributions to charities are subject to limits based on the types of non-cash contributions that are made, as well as your adjusted gross income, or AGI.

Understanding and taking advantage of the full scale of tax deductions available in the state of Texas can provide taxpayers with maximum annual tax savings. Many deductions, such as charitable...

When you refinance your mortgage, the Internal Revenue Service (IRS) allows several deductions to ease your tax burdens, including deductions for interest and points.

When you make a contribution to a traditional IRA, you are allowed to take a tax deduction equal to the amount of the contribution. In order to claim this tax deduction, you must file your taxes...

Doing your taxes is a stressful undertaking. Getting all the deductions right can be a further burden. No one wants to miss out on money he or she does not actually owe. For those with...

If you discover a deduction mistake after you've submitted your tax return -- whether it favors you or the government -- it should be corrected. If you find the error before April 15, merely...

There are a number of deductions and credits you can claim on your tax return as a new homeowner. They aren't the same thing, however. Credits reduce the amount of taxes you owe directly....

Divorce, by and large, is never easy and never cheap, but there are a few tax deductions you can get after your divorce. You may also be able to change your tax status to married filing separately...

Every year, taxpayers try to take advantage of as many tax deductions as possible. Tax deductions help minimize a taxpayer's tax liability. There are two main categories of tax deductions. They...

The goal of every taxpayer is to take advantage of as many tax deductions as possible. A tax deduction lowers the gross income on your tax return. Lower gross income may cause you to fall into a...

The Internal Revenue Service (IRS) allows businesses to take a tax deduction for expenses you incur to obtain a patent. Patents can be for processes, inventions, formulas or techniques.

When you purchase new appliances, you can receive tax incentives and other benefits if those appliances meet certain conditions. The incentives available to you underwent significant change in...

Disabled veterans are thanked for their services and sacrifices for the U.S. with benefits such as a slew of tax deductions--some federal and some varying from state to state.

It is very common for businesses to make donations to charitable organizations. While these donations can be a way for businesses to give back to their communities and to display their generosity,...

You've been offered a new job, one requiring that you move out of the area. Soon, you'll be getting rid of years of accumulated personal goods, putting your house on the market and leaving. Some...

Federal civil servants who receive retirement benefits from the Civil Service Retirement System or the Federal Employees' Retirement System can deduct amounts from their income benefits when they...

While a car seems like a fairly large item to donate, there is considerable value in doing so -- for the giver as well as the recipient. Charitable organizations, and frequently churches, are not...

If you are making charitable contributions that are not cash, they can still be claimed on your tax return. Fair market value is the value a buyer would be willing to pay and a seller would be...

People donate cars for a variety of reasons. Proof of donation can be used as a tax write-off. If you are looking to purchase a new car, donating your old car to a charity instead of trading it in...

When household goods, such as electrical appliances and furniture, are donated to charity, they can be written off on your taxes. In order to include the value of household goods on your income...

The Internal Revenue Service has specific guidelines for deductions for food and business meals. The expenses must be business-related and are generally deducted on Form 2106 Employee Business...

Volunteering for a cause is a great way to fill up your spare time and feel good about the work you do. There are even some ways to get a tax break when you donate your time to a nonprofit...

Roth IRA losses can be deducted on your taxes, but you must meet very strict requirements that eliminate the financial benefits for most people. In addition, the deduction is an itemized...