Medical expenses can be a major tax deduction, but only if they go over 7.5% of your adjusted gross income, which is ...

“The benefits of the deduction go primarily to high-income taxpayers because high-income taxpayers tend to itemize more often ...

Very few people like tax season, but missing out on valuable deductions could mean leaving money on the table. Many taxpayers ...

A nonrefundable credit can reduce your tax liability to zero but not below that. Refundable credits can reduce your liability ...

The maximum deduction you can claim for each eligible trip is the lowest of the following three amounts: If you take a trip that begins and ends in one year and you are reimbursed the following year, ...

If you decide to take a home office deduction and are self-employed, a portion of your HOA can be considered tax deductible on a prorated basis. If your home office occupies 20% of your home, you ...

The mortgage tax break is one of the most common. It enables you to deduct the home mortgage interest on the first $750,000 ...

Just because you work from home doesn't mean you can deduct a home office on your taxes. Here's how to qualify for the ...

The IRS allows you to take the standard mileage deduction or track and deduct your actual business use auto expenses. If you ...

Roughly 37% of filers qualify. 1. The home office deduction If you work from your home or use part of it in your business, then self-employment tax deductions like this one could get you a break ...

Standard Deduction: Income taxpayers can lower their income without providing any documentation or disclosures by using the standard deduction, which is a fixed sum subtracted from taxable salary ...