Articles related to deductions
Personal Tax Deductions - Tax Planning - About.com
Deductions reduce a person's taxable income. There are a variety of personal expenses for which a tax deduction could be taken. Topics include the standard ...
Itemized Deductions for Form 1040 Schedule A - Tax Planning
Itemized deductions refers to a group of tax deductions found on Form 1040 Schedule A. People can claim either the standard deduction or choose to itemize ...
Federal Income Tax Deductions - Learn more about how Deductions ...
Deductions reduce your taxable income, and can be useful for reducing US federal income tax. Some deductions are related to business income, while other ...
State and Local Income Tax Deduction - Tax Planning - About.com
Individuals who take the itemized deduction can deduct the cost of state and local income taxes on their federal tax return. There are obvious advantages that ...
Medical Expense Tax Deduction - Tax Planning - About.com
Individuals can potentially deduct the cost of medical, dental and other health care related expenses on their tax return. Medical expenses are taken as an ...
Preparing Your 1040 - Standard or Itemized Deductions?
Make the most of your tax deductions. Take the larger of your standard deduction or your itemized deductions. Tips for figuring your tax liability.
Unreimbursed Employee Business Expenses
Employees who incur job-related expenses can potentially deduct those costs as miscellaneous itemized deductions on their federal tax returns.
Community Property Deductions for Spouses Filing Separately
Married couples who file separate federal tax returns need to identify community income and community deductions so they will know how much each spouse ...
Claiming Home Mortgage Interest as a Tax Deduction - Tax Planning
Home Mortgage Interest is a tax-deductible expense. Mortgage interest is reported on Form 1040, Schedule A along with other itemized deductions such as real ...
Deciding Between Itemizing and Standard Deduction
When it comes to reducing your tax burden, itemizing deductions may be the way to go. The standard deduction is certainly easier, and might be a better option if ...