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Tax Deduction Wisdom—Should You Itemize?
Learn whether you should simply take the no-questions-asked standard deduction or if itemizing your deductions makes more sense. The standard deduction is always easier, but for one out of every four taxpayers, itemizing pays off with a lower tax bill. Browse this tax deduction overview to avoid paying more taxes than you actually owe. Read more…

What Are Tax Deductions?
The federal tax law allows you to deduct several different personal expenses from your taxable income each year. This can really pay off during tax season because the reduction to taxable income reduces the amount of income that is subject to federal income tax. However, not all expenses you incur will provide tax savings; the Internal Revenue Code is very specific about the types of expenses you can deduct and the taxpayers who may claim them. Read more…

How to Maximize Your Itemized Tax Deductions
Since you can decide every year whether you want to take the standard deduction or itemize your deductions, careful tax planning can help you maximize your deductions in years you itemize. Read more…

Video: What Is the Standard Tax Deduction?
Note: The reference to the standard deduction amount in this video applies only to taxes prepared for 2010. It is included here for reference only. Standard tax deduction give taxpayers the option of claiming a predictable lump-sum deduction instead of adding up their personal and business deductions. Get the pros and cons of standard deductions in this video on tax basics. Read more…

Do I Qualify for Earned Income Credit While on Unemployment?
Receiving unemployment benefits doesn't mean you're automatically ineligible for the Earned Income Credit, but there are other requirements you'll also need to satisfy to claim the EIC. Read more…

More Tax Deductions and Credits Articles

What Are Itemized Tax Deductions? 5 Facts About the Earned Income Tax Credit The Land of Unknown Tax Deductions How Major Life Events Affect Your Taxes Earned Income Credit How to Minimize Taxable Events Can I Deduct Legal Fees on My Taxes? Top Tax Breaks for Disabled Veterans 7 Best Tips to Lower Your Tax Bill from TurboTax Tax Experts Is Your Car Registration Deductible? 7 Requirements for the Child Tax Credit 5 Things You Should Know about Refundable Tax Credits 9 Things You Didn't Know Were Tax Deductions 8 Things You Think Are Tax Deductible That Aren't The Ins and Outs of the Child and Dependent Care Tax Credit 8 Common Life Events That Affect Your Taxes Filing Tax Form 2441: Child and Dependent Care Expenses The 5 Biggest Tax Credits You Might Qualify For What Is the IRS Form 8812? Child Tax Credit What is the Additional Child Tax Credit? Video: What Are Tax Credits? What Are Standard Tax Deductions? Home Ownership Tax Deductions What Extra Tax Deductions Should I Make Sure To Take? Video: What Are Itemized Tax Deductions? Video: Does the IRS Allow Deductions for Donated Work? Filing Tax Form 8862: Information to Claim Earned Income Credit after Disallowance Deductions Allowed for Contributions to a Traditional IRA What Is the Difference Between a Refundable and a Nonrefundable Credit? How to Write Off Sales Taxes Video: Changes in the Standard Deduction for Certain Tax Filers When to Use Schedule EIC: Earned Income Credit Video: Filing Schedule EIC Earned Income Credit Deductions for Sales Tax Can You Claim a Boat or RV as a Primary Residence? What Are Tax Credits? What Is the IRS Form 5405? Video: Common Income Tax Deductions Video: What Are Tax Deductions? 10 Strange But Legitimate Federal Tax Deductions Video: The New 2009 Tax Deduction for Car Buyers Video: Who Qualifies for the 2015 Earned Income Tax Credit

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