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9 Things You Didn't Know Were Tax Deductions
Few realizations are more painful than realizing that you forgot to include a tax deduction that would have lowered your tax bill or increased your tax refund on your tax return. Here are some tax deductions that you shouldn't overlook. Read more…

8 Things You Think Are Tax Deductible That Aren't
There's a fine line between looking to save money on your taxes and taking deductions that will raise eyebrows at the IRS. Some taxpayers are tripped up by expenses that they assume are tax deductions, but don’t qualify under IRS guidelines. Here are eight items that can lead to unpleasant surprises in case of an audit. Read more…

What Is the Difference Between a Refundable and a Nonrefundable Credit?
A tax credit can substantially reduce the amount of tax you owe, or even make your tax refund bigger. However, not all tax credits are alike. Tax credits can be refundable or nonrefundable, and sometimes partly refundable. Read more…

How to Write Off Sales Taxes
The Internal Revenue Service (IRS) permits you to write off either your state and local income tax or sales taxes when itemizing your deductions. People who live in a state that does not impose income taxes often benefit most from this deduction. However, you might also be better off deducting sales taxes instead of income taxes if you make large purchases during the year and your total sales tax payments exceed those for state income tax. You can use either the actual sales taxes you paid or the IRS optional sales tax tables. Beginning with tax years after 2017, the amount of state and local taxes, including sales tax, is limited to a maximum of $10,000. 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…


More Tax Deductions and Credits Articles

Earned Income Credit What is the Additional Child Tax Credit? When to Use Schedule EIC: Earned Income Credit 7 Requirements for the Child Tax Credit Video: Filing Schedule EIC Earned Income Credit The 5 Biggest Tax Credits You Might Qualify For Video: Common Income Tax Deductions 8 Common Life Events That Affect Your Taxes The Ins and Outs of the Child and Dependent Care Tax Credit What Extra Tax Deductions Should I Make Sure To Take? What Are Itemized Tax Deductions? Do I Qualify for Earned Income Credit While on Unemployment? What Is the IRS Form 8812? What Are Tax Credits? How to Maximize Your Itemized Tax Deductions How Major Life Events Affect Your Taxes Can You Claim a Boat or RV as a Primary Residence? The Land of Unknown Tax Deductions Is Your Car Registration Deductible? 10 Strange But Legitimate Federal Tax Deductions Home Ownership Tax Deductions Video: The New 2009 Tax Deduction for Car Buyers Deductions for Sales Tax Filing Tax Form 2441: Child and Dependent Care Expenses 5 Facts About the Earned Income Tax Credit What Are Standard Tax Deductions? Video: What Is the Standard Tax Deduction? Video: What Are Tax Deductions? Tax Deduction Wisdom—Should You Itemize? Child Tax Credit Video: What Are Itemized Tax Deductions? Video: What Are Tax Credits? Video: Does the IRS Allow Deductions for Donated Work? Deductions Allowed for Contributions to a Traditional IRA What Is the IRS Form 5405? Video: Changes in the Standard Deduction for Certain Tax Filers Filing Tax Form 8862: Information to Claim Earned Income Credit after Disallowance 5 Things You Should Know about Refundable Tax Credits Video: Who Qualifies for the 2015 Earned Income Tax Credit

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