Common Tax Deductions and Tax Credits
If you itemize (and in some cases, even if you don't), there are there are many tax deductions and tax credits you can take to lower the amount you pay.
Itemizing Deductions Can Reduce Your Tax Bill
The standard deduction is certainly easier, and might be a better option if you have a simple tax situation or don’t own a home. But if you determine that itemizing is right for you, it could lead to substantial savings.
The standard deduction is certainly easier, and might be a better option if you have a simple tax situation or don’t own a home. But if you determine that itemizing is right for you, it could lead to substantial savings.
3 Tips to Maximize Itemized Tax Deductions
Bundle expenses to maximize itemized tax deductions.
Bundle expenses to maximize itemized tax deductions.
Home Equity Loan Tax Deduction
One nice feature of home equity loans is that borrowers may get a tax deduction on interest paid for the loan. Before you fall for a marketing campaign, you should understand that the tax deduction is not unlimited. This page explains how the tax deduction really works.
One nice feature of home equity loans is that borrowers may get a tax deduction on interest paid for the loan. Before you fall for a marketing campaign, you should understand that the tax deduction is not unlimited. This page explains how the tax deduction really works.
Tax Deduction for Charity Donations
Donations of cash and property to qualified non-profits are tax deductible. To be deductible, taxpayers must keep records of their contributions, especially of any gifts over $250. For non-cash contributions, taxpayers must keep records indicating the value and condition of the property given to charity.
Donations of cash and property to qualified non-profits are tax deductible. To be deductible, taxpayers must keep records of their contributions, especially of any gifts over $250. For non-cash contributions, taxpayers must keep records indicating the value and condition of the property given to charity.
Home Office Tax Deduction
If you qualify, taking deductions for business use of your home can save you money at tax time. But it isn't easy and it isn't without consequences. See why on About.com Home Business.
If you qualify, taking deductions for business use of your home can save you money at tax time. But it isn't easy and it isn't without consequences. See why on About.com Home Business.
Job Search Tax Deduction
It's the time of year most of us dread - time to start thinking about calculating your income tax and settling up with the IRS and with your state department of taxation. The good news is that many job search expenses are deductible. If you've been looking for a job in the same line of work you're currently in, many of your expenses like phone calls, the costs of preparing and copying your resume, and career counseling are deductible.
It's the time of year most of us dread - time to start thinking about calculating your income tax and settling up with the IRS and with your state department of taxation. The good news is that many job search expenses are deductible. If you've been looking for a job in the same line of work you're currently in, many of your expenses like phone calls, the costs of preparing and copying your resume, and career counseling are deductible.
Can I Deduct Moving Expenses?
If you moved to start a new job, or to seek work in a new city, you may be able to deduct the cost of your moving expenses from your income.
If you moved to start a new job, or to seek work in a new city, you may be able to deduct the cost of your moving expenses from your income.
The Lifetime Learning Credit
An overview of the basic rules regarding the Lifetime Learning Tax Credit, which is available during a student's first two years of college.
An overview of the basic rules regarding the Lifetime Learning Tax Credit, which is available during a student's first two years of college.
Hope Scholarship Tax Credit
An overview of the basic rules regarding the Hope Scholarship Tax Credit, which is available during a student's first two years of college.
An overview of the basic rules regarding the Hope Scholarship Tax Credit, which is available during a student's first two years of college.
Student Loan Interest Deduction
Overview and rules for the Student Loan Interest Tax Deduction. Includes an in-depth review of who may claim the deduction, the income limitations for eligibility, and links to the relevant IRS Publications.
Overview and rules for the Student Loan Interest Tax Deduction. Includes an in-depth review of who may claim the deduction, the income limitations for eligibility, and links to the relevant IRS Publications.
Rules for the Annual Gift Exclusion for Parents and Grandparents
A guide to understanding the annual gift tax exclusion limit often used by parents and grandparents to transfer wealth to their children. The article includes an overview of college planning applications for the exclusion.
A guide to understanding the annual gift tax exclusion limit often used by parents and grandparents to transfer wealth to their children. The article includes an overview of college planning applications for the exclusion.
Which States Offer Tax Deductions for Contributing to a 529 Plan?
The majority of states that offer Section 529 plans also offer a deduction to their residents for using them. This article contains a list of the various states and their respective deductions or credits.
The majority of states that offer Section 529 plans also offer a deduction to their residents for using them. This article contains a list of the various states and their respective deductions or credits.
Rules for Using the Tuition Deduction for College
Tuition and fees paid to an eligible institution on behalf of yourself, your spouse, or a dependent may be deductible on your Federal income tax return. This article contains an overview of who is eligible for the Tuition and Fees Deduction, as well as which expenses qualify.
Tuition and fees paid to an eligible institution on behalf of yourself, your spouse, or a dependent may be deductible on your Federal income tax return. This article contains an overview of who is eligible for the Tuition and Fees Deduction, as well as which expenses qualify.