Tax Deductions

When you welcome a newborn into your family, you've got a million things to take care of. Researching the tax implications might not be very high on your to-do list, but you should take a few...

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...

Many people fail to use the tax deductions available to them. Finding even one or two deductions can substantially reduce a taxpayer's liability. There are also adjustments to income that reduce...

An itemized tax filing means listing and calculating all your qualified deductions to lower your taxable income. Both itemized and standard deductions are subtracted from your adjusted gross...

The Internal Revenue Service allows individuals to take tax deductions to reduce their taxable income. Categories of deductions include the standard deduction, itemized deductions and...

The Internal Revenue Service allows taxpayers to reduce their adjusted gross incomes on their taxes by deducting gifts to charitable organizations. The amount you can deduct is equal to the value...

While you know that you can take certain deductions and credits to help lower your taxable income or tax liability, you may not know about all of them. There are a number of little known tax...

The question of when to take tax deductions is a pretty simple one: It is best to take deductions when itemizing your return will lower your tax liability more than the government's standard...

The earned income credit (EIC) is a refundable tax credit available to low income wage earners who meet certain requirements which vary, including having an adjusted gross income below a certain...

Charitable-minded taxpayers can be rewarded for their generosity every year when they file their tax returns. But there are some limitations to what the Internal Revenue Service will allow you to...

Although Roth IRAs are becoming increasingly common, many taxpayers still make contributions to Traditional IRAs. But these contributions are not always deductible. This article will explain when...

When you have an extraordinary amount of medical bills that you had to pay for out-of-pocket in the previous year, you may be able to deduct the amount on your taxes under itemized deductions, up...

Medical expenses are the costs you have paid out of pocket for the treatment, cure, prevention and diagnosis of disease affecting any part of the body, and may to a certain extent be deducted on...

Taking medical expenses as tax deductions can be tricky proposition. By reviewing and using the Internal Revenue Service's own publications to assist you, you can quickly determine whether or not...

If you paid qualified mortgage insurance on a contract issued after 2006, you may be able to deduct the insurance as an itemized deduction. Your mortgage holder may report the mortgage insurance...

The IRS defines Adjusted Gross Income (AGI) as the total amount of money earned minus deductions. At tax time, you pay tax on your adjusted gross income; therefore, it is to your benefit to get...

AGI--adjusted gross income--is your gross income minus allowable tax deductions. Some of the allowable deductions are education deductions, moving expenses and alimony payments. Most of these have...

Investment expenses are allowable deductions from your taxable income. These expenses are itemized on Schedule A of your Form 1040 income tax return. These deductions are subject to the 2 percent...

To deduct medical expenses from your taxes the annual total amount that you spent on medical care must total 7.5% of your adjusted gross income (AGI). However to deduct job related expenses the...