Did you know you can write off college tuition costs? Or job-related moving expenses? And you don't even have to itemize to get these breaks. Did you know that the old Hope college credit – which used to be good for only the first two years of college – has been temporarily enlarged and is now good for the first four years of college? That some new homeowners who took advantage of the special homebuyer’s tax credit have to pay it back . . . and some don’t?
The federal income tax law is packed with a multitude of ways to lower your tax bill. The trick is knowing which deductions and credits are available -- then taking advantage of them. You're probably thinking you need to hire a high-price accountant for that. Not so.
Our tax encyclopedias make it easy to find out what is deductible. We cover all the major areas, from charitable contributions to medical expenses to retirement savings. Check out our easy-to-use guides to find out how you can cut your 2010 tax bill. And here’s more good news: What you learn now can be put into practice in the future, too, to hold down your tax bill year after year after year.
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What's Deductible?
Congress has filled the tax law with opportunities for businesses both large and small to recoup a healthy portion of reasonable and necessary business expenses with tax deductions and credits.
Believe it or not, you actually can ring up tax savings as the result of buying things.
It's good to give. And for your generosity, the IRS rewards you with tax-saving deductions for charitable contributions.
Kids can cost a small fortune, but they can be real money savers at tax time. Check out all the ways children and other dependents can trim your tax bill.
The tax law is filled with breaks to help taxpayers pay for education -- for your children, your grandchildren or even for yourself.
You don’t have to run your own business to rack up tax breaks. Even if you work 9-to-5 for the boss, Uncle Sam may subsidize some of your job-related costs.
Homeowners can claim a slew of write-offs to lower their tax bills.
Investment and Retirement Savings
0% capital gains? Check. Tax-free dividends? Check Tax-free retirement income? Check. There’s a long list of ways to save taxes on your savings..
The list of medical costs that can be deducted stretches to the Mayo Clinic and back but the best way for most taxpayers to benefit has nothing to do with itemizing deductions.
These tax savers don't fall under any of our other Taxopedia categories . . . but that doesn’t mean they won’t save you money.
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The Most Popular Apps for Retirement Planning in 2025A J.D. Power survey ranks retirement planning apps based on customer service and satisfaction. Does your financial app make the cut?
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Don't Disinherit Your Grandchildren: The Hidden Risks of Retirement Account Beneficiary FormsStandard retirement account beneficiary forms may not be flexible enough to ensure your money passes to family members according to your wishes. Naming a trust as the contingent beneficiary can help avoid these issues. Here's how.
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Ask the Editor, September 12: Tax Questions on 529 Plan Rollovers to a Roth IRAAsk the Editor In this week's Ask the Editor Q&A, we answer four questions from readers on transferring 529 plan money to a Roth IRA.
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IRS in Turmoil: GOP Budget Cuts and Staff Shake-Ups Threaten Taxpayer ServicesIRS Republican lawmakers advance a controversial budget bill that would gut IRS funding further, risking your 2026 tax filing season.
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Ask the Editor, September 5: Tax Questions on SALT DeductionAsk the Editor In this week's Ask the Editor Q&A, we answer questions from readers on the OBBB's changes to the SALT deduction.
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Claiming the Standard Deduction? Here Are 10 Tax Breaks For Middle-Class Families in 2025Tax Breaks Working middle-income Americans won’t need to itemize to claim these tax deductions and credits — if you qualify.
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Another State Rebels Against Trump’s New 2025 Tax Law: What Now?State Taxes Even if states adopt tax policies in the so-called ‘big beautiful bill,’ lawmakers may have workarounds at their fingertips.
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Ask the Editor, August 29: Tax Questions on Estate and Gift TaxesAsk the Editor In this week's Ask the Editor Q&A, we answer questions from readers on estate and gift taxes.
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Will You Get a ‘Surprise’ Tax Bill on Your Social Security Benefits in Retirement?Retirement Taxes Social Security benefit payments might land you in hot water when filing 2025 taxes — here are three reasons why.
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Ask the Editor, August 22: Tax Questions on What Congress Will Do NextAsk the Editor In this week's Ask the Editor Q&A, we answer questions from readers on what Congress will do next with taxes.
