Tax Deductions

Top Overlooked Tax Deductions

Don’t pay the IRS more than you need to. Be sure to claim these often overlooked deductions

Featured Articles

New Tax Breaks For Home Sellers

A revamping of the Internal Revenue Code in 1997 included provisions that significantly revise the tax breaks for real estate, particularly the way home owners figure the taxes on sales of their dwellings.

Commuting Deductions

Usually, the Internal Revenue Service adamantly opposes deductions for commuting costs between home and work but ...

Business-Car Deductions

Do you use your car for business reasons – say, seeing clients or customers or to attend meetings, as opposed to nondeductible commuting to and from work?

Giving A Car To Your Youngster

If you plan to give your youngster a car as a gift, you’ve doubtless resigned yourself to high prices putting a bad dent in your wallet.

Married Couples Working In Different Cities

Just about all of the people who rack up frequent flyer miles fall into two categories. Either their jobs require lots of travel or they are vacationers.

Sometimes Overlooked Investment Expenses Deductions

All you investors out there, take heed! There are many investment related expenses that can be deducted from your taxes that people commonly overlook or forget about. You need to know what they are!

Taxes on Gambling Income and Losses

There are only two issues people who gamble are concerned with, how much do they get taxed on their gambling income and how much of their gambling losses is tax deductible. Let us help you figure out the answers to these questions and...more

Deductions for Medical and Dental Expenses

Take a look at all the deductions your client may be eligible for, from stop-smoking programs to drug and alcohol treatment centers, contact lenses, maybe even her swimming pool! ...more

Travel and Moving:

Medical Deduction for Meals and lodgings
Travel From Job to Job
Carrying Tools or Equipment to Work: what is or is not
Home Office: Don’t forget driving deduction
Business Travel With Your Spouse
Married Couples Working In Different Cities
Educational Travel Not Deductible
Medical Deductions For Travel Expenses
Investment Seminars: deductibility of travel expenses
Shareholders' Meetings: deductibily of travel expenses

More Articles On Deduction

Deducting Paid Taxes

Save tax dollars by deducting costs for state and local real estate taxes paid, foreign income taxes paid and one-half of your client's paid self-employment taxes!...more

Tax Benefits of Renting Your Vacation Home

If you are like many other vacation homeowners, you may rent your vacation house out part of the year in order to help make those mortgage payments a little easier. What many do not realize however is that renting can also yield you some extra tax benefits.

Choosing Credit or Deduction for Income Earned Overseas

If you paid or accrued foreign taxes to a foreign country on income that was generated from a foreign source and are subject to US tax on the same income, you may be able to take either a credit or an itemized deduction for those taxes. The difference between taking the amount as a deduction or as a credit is rather simple. Find out which can save you more money.

Deducting Home Imporvements

There is a fine line between improvements and repairs on your home when it comes to the IRS. Improvements to the house are tax deductible and even help you pocket more gain when you sell the house. Repairs are not considered tax deductible because they are necessary. Find out more!

Choosing Standard or Itemized Deductions

There is a very simple way to determine if you should itemize your deductions ? if the combined total of your itemized deductions is greater than the standard deduction for your filing status, then do it?

Casualty & Theft Related Losses

You are generally eligible for tax deductions on anything that you own that is damaged, stolen or destroyed in an act of nature or an accident that you are not compensated for by insurance...

Miscellaneous Deductions

Did you know that you can deduct dues you pay to your Chamber of Commerce or even the costs incurred for placing situation wanted ads? We have even more helpful deduction tips for you!

Expenses Relating to Business

Take a look at what work-related expenses you may be able to deduct: shipping baggage between regular and temporary work locations, dry cleaning and laundering services while...

Claiming Deductions on Student loan Payments

The Taxpayer, his or her spouse, or dependent can use this relatively new student loan deduction to save up to $2000 interest paid on a student loan for up to 60 months after the loan was acquired. But this deduction does carry some restrictions on it. Find out more!

Job Related Training Courses

Anytime you take an educational course that might help you with your work or trade you might be able to write it off as a business expense. Check out the requirements for eligibility for these deductions.

Tax FAQs

Tax Deductions FAQs

Do I have to keep track of my business-related car mileage on a car owned by my employer? What tax schedule do I use to itemize my deductions?