tax deductions

What's the Standard Deduction for 2021 vs. 2022?
Tax Breaks

What's the Standard Deduction for 2021 vs. 2022?

If you're like most Americans, taking the standard deduction on your tax return is better than claiming itemized deductions.
January 14, 2022
Colorado Wildfire Victims Get More Time to Pay Taxes
Tax Breaks

Colorado Wildfire Victims Get More Time to Pay Taxes

Certain tax filing and payment deadlines are extended for residents and businesses impacted by the Colorado wildfires that started in December.
January 3, 2022
Tax Relief Available for Arkansas, Illinois, Kentucky and Tennessee Tornado Victims
Tax Breaks

Tax Relief Available for Arkansas, Illinois, Kentucky and Tennessee Tornado Victims

The IRS is granting people and businesses impacted by the December storms and tornadoes more time to file and pay certain federal taxes.
January 3, 2022
Tax Deadlines Extended for Alabama Storm and Flooding Victims
Tax Breaks

Tax Deadlines Extended for Alabama Storm and Flooding Victims

Federal tax filing and payment deadlines are extended for victims of the October 6 storms and flooding in Alabama.
December 29, 2021
Tax Relief for Hurricane Ida Victims Extended to Feb. 15
Tax Breaks

Tax Relief for Hurricane Ida Victims Extended to Feb. 15

People and businesses in Connecticut, Louisiana, Mississippi, New Jersey, New York and Pennsylvania impacted by Hurricane Ida get more time to file an…
December 27, 2021

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Tax Relief Available for California Wildfire Victims
Tax Breaks

Tax Relief Available for California Wildfire Victims

Following FEMA's recent disaster declaration, residents and businesses impacted by the California wildfires get more time to file and pay taxes.
December 27, 2021
Most-Overlooked Tax Deductions and Credits for the Self-Employed
Tax Breaks

Most-Overlooked Tax Deductions and Credits for the Self-Employed

If you've recently gone into business for yourself, see how the tax laws can work for you.
December 21, 2021
20 Most-Overlooked Tax Deductions, Credits and Exemptions
Tax Breaks

20 Most-Overlooked Tax Deductions, Credits and Exemptions

Want to lower your tax bill? Then don't miss these frequently overlooked tax breaks.
December 9, 2021
The Most-Overlooked Tax Breaks for Retirees
Tax Breaks

The Most-Overlooked Tax Breaks for Retirees

Unfortunately, seniors often miss tax-saving opportunities that are available to them. Don't let that happen to you!
December 3, 2021
19 Believe It or Not Tax Breaks
Tax Breaks

19 Believe It or Not Tax Breaks

Your fellow taxpayers have successfully claimed write-offs for many things that most of us wouldn't even imagine. But be careful if you plan on follow…
November 22, 2021
Teachers Can Deduct COVID-Prevention Supplies on Their Tax Return
Tax Breaks

Teachers Can Deduct COVID-Prevention Supplies on Their Tax Return

Eligible educators can write off expenses for COVID-19 protective items that help stop the spread of the virus in the classroom.
November 17, 2021
2022 Standard Deduction Amounts Are Available
Tax Breaks

2022 Standard Deduction Amounts Are Available

The IRS released the standard deduction amounts for 2022. In addition to saving you money, the standard deduction amount can also tell you if you even…
November 11, 2021
13 Tax Breaks for the Middle Class
Tax Breaks

13 Tax Breaks for the Middle Class

Middle-class Americans are still feeling a financial squeeze. Fortunately, there are several tax breaks to help those who are struggling financially.
November 8, 2021
2022 IRA and 401(k) Contribution Limits Are Set (There's Both Good and Bad News)
Tax Breaks

2022 IRA and 401(k) Contribution Limits Are Set (There's Both Good and Bad News)

Workers will be happy to know that they can contribute more to their 401(k) accounts next year, but IRA owners may be a little disappointed.
November 4, 2021
Tax Changes and Key Amounts for the 2021 Tax Year
tax law

Tax Changes and Key Amounts for the 2021 Tax Year

Americans are facing a long list of tax changes for the 2021 tax year. Smart taxpayers will start planning for them now.
September 23, 2021
COVID-19 Home Test Kits and PPE are Tax Deductible
Tax Breaks

COVID-19 Home Test Kits and PPE are Tax Deductible

You can also pay for home testing kits and personal protective equipment with FSA and HSA funds.
September 11, 2021
13 Tax Breaks for Homeowners and Home Buyers
Tax Breaks

13 Tax Breaks for Homeowners and Home Buyers

Owning (or buying) a home is expensive. But at least there are some tax deductions, credits, and exclusions that can help you recoup some of those cos…
August 12, 2021
Will U.S. Olympic Athletes Get Hit with a Tax Bill if They Win in Tokyo?
Tax Breaks

Will U.S. Olympic Athletes Get Hit with a Tax Bill if They Win in Tokyo?

Thanks to a law passed in 2016, our medal-winning athletes will have little to worry about from the IRS.
August 5, 2021
Most-Overlooked Tax Breaks for the Newly Divorced
Divorce

Most-Overlooked Tax Breaks for the Newly Divorced

Filing taxes after a divorce can add yet another problem to an already long list of challenges. But here are some tips to make your return to single l…
July 14, 2021
Know the Rules for Renting Out Your Vacation Home
Becoming a Homeowner

Know the Rules for Renting Out Your Vacation Home

Make sure you understand when you must pay taxes on rental income you earn and when you can deduct expenses for the upkeep of the property.
June 30, 2021
8 Tax Tips for Gambling Winnings and Losses
taxes

8 Tax Tips for Gambling Winnings and Losses

If you pick the right horse at the track or win some money at a casino, don't forget that the IRS wants a cut of your winnings.
June 25, 2021
Today is the Last Day to Fund Your IRA and Cut Your Taxes
Tax Breaks

Today is the Last Day to Fund Your IRA and Cut Your Taxes

Although you need to act quickly, you still have a few hours to make a 2020 IRA contribution and lower your tax bill.
May 17, 2021
Families with Dependent Care FSAs Get Good News from the IRS
Tax Breaks

Families with Dependent Care FSAs Get Good News from the IRS

You'll still get a tax break if you carried over unused amounts from your dependent care flexible spending account from 2020 to 2021.
May 10, 2021
Kentucky Derby: Tax Tips for Gambling Winnings and Losses
taxes

Kentucky Derby: Tax Tips for Gambling Winnings and Losses

If you picked the right horse and won some money on the Kentucky Derby, don't forget that the IRS wants a cut of your winnings.
May 2, 2021
Medical Expenses Retirees (and Others) Can Deduct on Their Taxes
tax deductions

Medical Expenses Retirees (and Others) Can Deduct on Their Taxes

The list of medical deductions is broad and includes items such as expenses for service animals and the cost of long-term care.
April 14, 2021
Claim These "Above-the-Line" Deductions on Your Tax Return (Even If You Don't Itemize)
Tax Breaks

Claim These "Above-the-Line" Deductions on Your Tax Return (Even If You Don't Itemize)

If, like most people, you claim the standard deduction instead of itemized deductions on your return, there are still many other tax deductions availa…
March 5, 2021