Tax Deductions

Although maintaining homeowners' insurance is a requirement if you have a mortgage on your property, it is not deductible as a personal itemized deduction. However, there are circumstances under...

Some medical premiums are deductible from your taxes as either an above-the-line deduction or an itemized deduction, but be sure you understand which medical premiums are deductible.

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...

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 money you spend on health insurance premiums can be a deductible medical expense, but few taxpayers actually get to deduct the cost. That's not a bad thing, though. It only means that most...

Premiums for private health insurance can be tax-deductible, as are health insurance premiums paid to an employer's plan. However, there are restrictions, as well as specific ways the deductions...

The IRS allows taxpayers a choice of whether to take a standard deduction or to itemize a variety of deductions instead. Usually, taxpayers only itemize their deductions if they are greater than...

Gross salary and net salary or take home pay, as anyone who works knows, are vastly different figures. This is due in large part to tax deductions taken from your paycheck each pay period.

Private mortgage insurance, or PMI, is extra insurance paid when you borrow 80%, or more, of a houses value to buy the house. You can deduct private mortgage insurance, or PMI, when you file your...

According to the IRS, self-employed individuals, including sole proprietors, may be eligible to deduct health insurance premiums for themselves, their spouses and their dependents.

Tax season can be a hectic time. The deadlines, questions, paper work and number crunching can be overwhelming. Keeping accurate records and organizing your information throughout the year will...

Disability insurance can provide vitally necessary coverage for workers who become incapacitated and unable to work. This coverage can take many forms, such as short-term, long-term or residual...

The U.S. tax code is about 70,000 pages long. Within that code, there are thousands of deductions that individuals can use as tax write-offs. Tax write-offs lower an individual's gross taxable...

The cost of various kinds of insurance is a necessary evil that must be borne by both individuals and businesses. Fortunately, the cost of these premiums can be deductible in some cases.

Health insurance premiums may or may not be tax-deductible. There are several situations that will determine whether they are tax-deductible. You'll pay the premiums either way, but how the...

Home hazard insurance is required whenever you buy a house and need a mortgage loan. The mortgage company needs to be reasonably assured that it will be reimbursed in case of a casualty loss or...

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...

Every year most taxpayers face the unavoidable task of filing their federal income tax returns. If you have kept a comprehensive file of every tax-deductible expense you incurred during the tax...

National insurance cards are the British equivalent to U.S. social security cards. These cards are sent out before a person's 16th birthday. They are used to track national insurance contributions...

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...

Since having insurance is a "ordinary and necessary" part of doing business, you can usually deduct the premiums for business insurance from income. Some of the rules around insurance deductions...