Tax Deductions

The Latest

  • 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...

  • February 1, 2013

    A lot of people have heard about itemizing deductions. However, most are not sure how itemizing can benefit them or whether itemizing is even a logical choice for them. TurboTax's Jeremy Shore discusses when people should consider itemized...

  • January 31, 2013

    NEW YORK (MainStreet) — One of the temporary benefits extended for tax year 2013 by the American Taxpayer Relief Act of 2012 was the ability for people age 70.5 and older to transfer up to $...

  • January 28, 2013

    There are many expenses associated with homeownership, so it’s nice to know that there are tax breaks to help ease the financial burden. The Home Office Tax Deduction is designed for individuals who use a portion of their home for business...

  • January 24, 2013

    The current housing market is full of foreclosed homes and properties that have plummeted in value. In fact, it has been reported that the real estate market has a negative equity gap of about $3.7 trillion, with millions of homeowners underwater...

  • January 23, 2013

    Most people get their taxes done by an accountant. However, there are also a lot of people that use tax software. There are pros and cons to each tax preparation method and the ideal choice depends on your specific situation. CNBC contributor...