Tax Deductions

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...

Home health care can be expensive and is often not covered covered by your health insurance. Home health care costs are tax deductible as a medical expense, but you must meet certain criteria for...

President Obama signed The American Recovery and Reinvestment Act of 2009 to provide a stimulus to the declining economy. Included in this bill is an energy sector stimulus that provides an energy...

According to the Internal Revenue Service, fair market value (FMV) is "the price that a property would sell for on the open market. It's the price that would be agreed on between a willing buyer...

Traveling can often be an unavoidable expense in certain lines of work. Luckily, the government has provided deductions for some people who have to travel frequently on business. You can write-off...

Buying a home is a major financial step. Although many ex-renters admit to feeling the sting of high mortgage payments once they buy a home, there are certain tax advantages to home ownership....

When you use a room in your home as a home office, there are a number of deductions that you can take when filing taxes. To ensure that you are getting credit for all of your home office expenses,...

Deciphering the IRS tax code can be quite a challenge. Uncle Sam maintains strict guidelines on what individuals may claim as income and what they may itemize as deductions. Tithes, or other...

Receipts are generally acceptable proof for tax purposes when it comes to filing taxes and claiming deductions. The IRS does not usually require you to include receipts with your tax return, but...

Whether you are in business for yourself or you are an employee, you are entitled to take credit for your qualified travel expenses in the form of tax deductions. It is important to understand the...

You may take qualified federal income tax deductions whether you are an employee, a business owner, an independent contractor or a retired person. As long as you understand how the IRS defines a...

IRS tax form 8839 allows individuals to take a federal income tax credit for adoption even if your dreams of adopting a baby or child last year were crushed when the adoption failed? On top of not...

If you are self-employed, you still have to pay social security and Medicare tax through self-employment tax. In principle, you can deduct up to 50 percent of your self-employment tax through...

Whether you'd like to donate to a charitable organization out of the goodness of your heart or because you need an income tax deduction (or a little bit of both), you want to make sure you choose...

You may not take a tax deduction for the value of volunteer services that you provide to a charitable organization. However, there are a number of incidental expenses relating to volunteer...

Depending on why you sought legal counsel, the legal fees you incur as part of your business may be tax deductible. This area of the tax code is a little murky because the tax code does not...

The cost of higher education can be overwhelming. It can be especially hard for those who pay for it themselves. Student loans kick in after graduation, while many graduates are working low-paying...

Deductions on taxes can be complicated and confusing, especially if you are self employed. Magazine subscriptions can be deducted if they are claimed correctly. To ensure that all deductions are...

With income taxes at high rates, it makes sense to take every single deduction for which you qualify. On the other hand, you don't want to cross the line and make IRS officials suspicious,...

New rules were instituted in 1999 for claiming an office-in-home deduction on your tax return. If you couldn't deduct these expenses under the old tax law, you may be able to do so now.