Take a look at these frequently asked tax questions from our readers. See if you can separate the legitimate deductions from the ones that would trigger a "no" from the IRS.
1. You accept a new job that requires you to move. Can you write off moving costs even if you don't itemize?
TRUE: But, to qualify, your new workplace has to be at least 50 miles farther from your old home than your old job was.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
2. You are volunteering as a carpenter to a non-profit community home-builder. Nice tax deduction, right?
FALSE: There is no deduction for the value of your time or labor donated to a charity.
3. Your children attend private elementary and high schools. Is their tuition tax-deductible?
NO: You can't deduct the cost of elementary or secondary school tuition. But Coverdell Educational Savings Accounts offer a tax break to help.
-
How Five States Are Worse Off After Trump’s Cuts to SNAP and MedicaidState Tax Due to Trump's new tax law, some states will experience a greater impact than others.
-
Happiness Improves at Age 50, Right? Maybe Not for EveryoneNew thinking about how happiness changes over our lifetimes shows that one group in particular gains the most contentment after age 50.
-
Tariff Stimulus Checks Coming? New Proposal Seeks Tax Rebates for U.S. WorkersTax Breaks A new GOP bill proposes to send $600 in tariff rebate checks to eligible taxpayers. Is there a catch?
-
Biggest Winners and Losers in Trump's New Tax PlanTax Law Trump’s mega tax overhaul, known as the ‘One Big Beautiful Bill,’ has distinct winners and losers. Which group do you fall into?
-
Five Ways Trump’s 2025 Tax Bill Could Boost Your Tax Refund (or Shrink It)Tax Refunds The tax code is changing again, and if you’re filing for 2025, Trump’s ‘big beautiful’ bill could mean a bigger refund, a smaller one or something in between next year. Here are five ways the new law could impact your bottom line.
-
New SALT Deduction Could Put Thousands Back in California Homeowners’ PocketsTax Breaks The federal state and local sales tax (SALT) deduction cap is higher this year, and could translate into bigger savings for Golden State homeowners.
-
Money for Your Kids? Three Ways Trump's ‘Big Beautiful Bill’ Impacts Your Child's FinancesTax Tips The Trump tax bill could help your child with future education and homebuying costs. Here’s how.
-
New Cap on Gambling Loss Deductions Begins Soon: What to Know NowTax Changes A gambling losses tax deduction cap in Trump’s “big beautiful bill” is causing an uproar. Here’s what you need to know.
-
Key 2025 Tax Changes for Parents in Trump's MegabillTax Changes Are you a parent? The so-called ‘One Big Beautiful Bill’ (OBBB) impacts several key tax incentives that can affect your family this year and beyond.
-
Elon Musk and Most Taxpayers Don't Like What's in Trump's 'Big Beautiful Bill'Tax Policy President Trump is betting big on his newest tax cuts, signed into law on July 4. But not everyone is on board.
