tax deductions
Tax Changes and Key Amounts for the 2021 Tax Year
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
Tax Relief Available for Hurricane Ida Victims
Tax Relief Available for Hurricane Ida Victims
People and businesses in Louisiana, Mississippi, New Jersey, New York and Pennsylvania impacted by Hurricane Ida get more time to file and pay certain…
September 13, 2021
COVID-19 Home Test Kits and PPE are Tax Deductible
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
Tax Relief Available for California Wildfire Victims
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.
August 28, 2021
13 Tax Breaks for Homeowners and Home Buyers
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
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Most-Overlooked Tax Breaks for the Newly Divorced
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
The Most-Overlooked Tax Breaks for Retirees
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!
July 1, 2021
Know the Rules for Renting Out Your Vacation Home
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
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
What's the Standard Deduction for 2021 vs. 2020?
What's the Standard Deduction for 2021 vs. 2020?
For most Americans, taking the standard deduction on your tax return is better than claiming itemized deductions. See how much you can deduct on your …
June 4, 2021
Today is the Last Day to Fund Your IRA and Cut Your Taxes
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
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
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
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)
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
Can You Claim the Home Office Deduction on Your 2020 Tax Return?
Can You Claim the Home Office Deduction on Your 2020 Tax Return?
People working from home because of the pandemic are wondering if they can get a tax deduction out of it. It depends on your employment status.
February 11, 2021
Smart Ways to Save on Child Care Costs
Smart Ways to Save on Child Care Costs
The expenses and tax complications that come with hiring a nanny were reason enough for me to take my son to day care instead.
February 5, 2021
Teachers Can Deduct COVID-Prevention Supplies on Their Tax Return
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.
February 4, 2021
18 Believe It or Not Tax Breaks
18 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…
January 27, 2021
20 Most-Overlooked Tax Breaks and Deductions
20 Most-Overlooked Tax Breaks and Deductions
Don't miss these frequently overlooked tax deductions, credits and exemptions. Otherwise, you're just pouring money down the drain.
January 14, 2021
Charitable Tax Deductions: An Additional Reward for the Gift of Giving
Charitable Tax Deductions: An Additional Reward for the Gift of Giving
Because of the worldwide pandemic and related restrictions, your donations to charity are needed more than ever this year. And, with charitable tax de…
January 9, 2021
The Most-Overlooked Tax Breaks for Retirees
The Most-Overlooked Tax Breaks for Retirees
For new retirees—especially those on a fixed income—it's more important than ever to take full advantage of every tax break available.
December 30, 2020
11 Tax Breaks for the Middle Class
11 Tax Breaks for the Middle Class
Tax breaks aren't just for the rich. There are plenty of them that are only available to middle- and low-income Americans.
December 17, 2020
Biden's Plan to Tax the Rich Faces Roadblocks
Biden's Plan to Tax the Rich Faces Roadblocks
The president-elect is unlikely to get much on his wish list, with the Democratic majority in the House narrowed and the GOP likely keeping control of…
November 16, 2020
Tax Tip: How to Deduct Property Damage Caused by Hurricane Zeta
Tax Tip: How to Deduct Property Damage Caused by Hurricane Zeta
Get the maximum tax deduction for property losses resulting from Hurricane Zeta or other natural disasters.
October 28, 2020