Tax Related Questions > Deductions

 
  • Tuition and Fees Deduction
    The tuition and fees deduction allows you to deduct up to $4,000 of qualified educational expenses from your adjusted gross income. Qualifying expens...
  • Qualified Education Expenses
    The various education credits available to students and those who pay for them are based on the money spent on qualified education expenses, but the d...
  • Educator Expenses Deduction
    Eligible educators can deduct up to $250 of expenses for books, supplies, computer equipment, and other classroom materials incurred over the course o...
  • State and Local Sales Tax Deduction
    Those who itemize deductions on Schedule A have the option of claiming either state and local income taxes or state and local sales taxes. They canno...
  • What Are Charitable Contributions?
    Charitable contributions, in cash or in property donated to qualified organizations, are tax deductible only if you itemize your deductions on Schedu...
  • Home Mortgage Interest Deduction
    The Home Mortgage Interest deduction allows you to deduct the interest paid in a given year on a loan taken to secure your primary residence, where yo...
  • What Are Casualty Loss Deductions?
    A casualty loss against your home, household items, or vehicle, resulting from property damage or destruction by a sudden, unexpected, or unusual even...
  • Archer Medical Savings Account (MSA)
    Archer MSAs are tax-exempt trusts or custodial accounts set up with a U.S. financial institution that allow taxpayers who are self-employed and employ...
  • Health Savings Accounts (HSAs)
    A health savings account (HSA) is a tax-exempt trust or custodial account created to pay or reimburse qualified medical expenses. In general, any adul...
  • Employee Business Expenses - Form 2106
    Form 2106 is for employees to deduct ordinary and necessary expenses for their jobs. An ordinary expense is one that is common and accepted in your ...
  • Moving Expenses - Form 3903
    You can use Form 3903 to deduct your moving expenses. Your move must occur within 1 year of the start of work at the new location. Note, you do not n...
  • Casualties and Thefts - Form 4684
    Form 4684 reports casualties and thefts of both personal use property and income-producing business property. Destruction of property by fire, storm, ...
  • Standard Mileage Rates
    The standard mileage rates are optional set rates that employees, self-employed individuals, and other taxpayers can use to compute the tax deductible...
  • Gambling Losses Deduction
    You can deduct gambling losses as a miscellaneous itemized deduction on your Schedule A, but only up to the amount you report in gambling winnings on ...
  • Miscellaneous Deductions
    Many itemized deductions are grouped under the umbrella term “miscellaneous deductions” and, like other itemized deductions, can be claimed on your Sc...
  • What Is a Deduction?
    A tax deduction is a special tax break that reduces the amount of income on which you are taxed, thus reducing your overall tax burden. Deductions ar...
  • What Is the Standard Deduction?
    The standard deduction is a set amount, adjusted yearly for inflation, that can be subtracted from your gross income, thus reducing the total income u...
  • Above-the-Line Deductions
    Above-the-line deductions are deductions that you subtract directly from your gross income and are separate from normal itemized deductions, which you...