Are You a Candidate for Bunching?
If your itemized tax deductions typically are roughly equal to the standard deduction, you may want to consider a tax strategy known as bunching.
Tax Central
Tax Deduction
Tax Central
Tax Deductions Related to Charity Auctions
It is common practice for charities to hold auction events where attendees will bid upon and purchase items. The questions often arise whether (1) the money spe
Tax Court Decision Holds Potential Impact for Travel Deductions
A case recently heard by the Tax Court was around one’s “tax home” and how it may be affected by how much time you spend in each location and
Working from Home? Is there a Tax Deduction?
Many individuals, because of the COVID pandemic, have been forced to work from home in order to curtail the spread of the virus. A frequent question is do they
Tax Deductions Without Itemizing
Most taxpayers think they have to itemize their deductions to claim them on their tax return. However, that is not entirely true. There are certain deductions t
What Does a Tax Deduction Save You?
Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be deter
Mortgage Insurance Premium Deduction Retroactively Extended
For tax years 2007 through 2017, when taxpayers itemized deductions, they could deduct the cost of premiums for mortgage insurance on a qualified personal resid
Above-the-Line Education Tax Deduction Reinstated
Looking back a few years, a taxpayer who had higher education expenses could generally take advantage of four* possible tax benefits: an itemized deduction if t
Videos & Info Graphics
Video: The Difference Between a Tax Credit and Tax Deduction.
In general, a deduction reduces taxable income, whereas a credit reduces the tax itself. Learn more.
Tax Reform Dealt Teachers a Raw Deal
It is quite common for teachers to spend their own money on classroom supplies â so common, in fact, that a few years back, Congress created a special deducti