Tax Deductions

The Latest

  • March 1, 2013

    Most working parents have only one way of getting a tax break on the expenses they pay for childcare – the special tax credit allowed by law. You get a credit against expenses of up to $3,000 for the care of one child and $6,000 for the care of...

  • February 28, 2013

    When you receive a windfall — whether it’s an inheritance from a relative, winnings from the lottery or gambling, or proceeds from a legal settlement...

  • February 27, 2013

    NEW YORK (MainStreet) — Did you move because of a new job ...

  • February 25, 2013

    NEW YORK (MainStreet) — The tug of war over what credits and deductions the U.S. government allows and what taxpayers take is a grim and calculated struggle, and one that repeats itself...

  • February 21, 2013

    You do. That is, if hope to take a child-care credit on your income tax return without running into problems with the IRS.

    The child-...

  • February 20, 2013

    There are two types of tax deductions. “Above the line” deductions are claimed on Page 1 of Form 1040 and reduce Adjusted Gross Income. “Below the line” deductions are claimed on Page 2 of the 1040 and reduce Taxable Income. The “line” is your...

  • February 14, 2013

    Maybe, if she wasn’t working last year, or didn’t earn very much. A qualifying partner gives you an extra personal exemption, worth $3,800. This works for same-sex couples, too.

    You can claim a live-in friend as a tax dependent if he or...

  • February 13, 2013

    Giving is a virtue under the U.S. tax code, but concern is growing among philanthropic leaders about the charitable contributions deduction, a key fund-raising tool for charities.

    Worried that federal deficit-fighting efforts are putting a...

  • February 12, 2013

    When you’re hunting for tax savings on your 2012 returns, comb through the way you paid your taxes in the past. You might have missed an easy write-off that’s waving its hand and shouting, “look at me!” For example:

    ...

  • February 4, 2013

    There are many costs associated with moving and they can really add up fast. Fortunately, if you are moving because of a new job, or your current job changed location, you may be permitted to deduct your moving expenses on your...