Tax deductions can impact your taxable income, reduce your overall tax liability and potentially increase your refund. Tax deductions are specific expenses that the IRS allows taxpayers to ...

Taxpayers must choose the higher of the standard deduction or their total itemized deductions. Common tax deductions you can claim Mortgage interest you paid throughout the tax year on the first $ ...

“Examples of common below-the-line deductions are mortgage interest, medical expenses and state and local taxes (SALT)," Skelhorn said. As for business tax deductions, the IRS requires that ...

Look for these 15 deductions ... the costs are common and necessary in your industry, you can likely deduct them. One downside to being your own boss is the self-employment tax.

Here are some of the most common deductions that can help you reduce your taxable income and maximize your profits. Overview of self-employed tax deductions Working for yourself grants you a ...

Taxpayers must choose between standard and itemized deductions: Standard deduction: Reduces taxable income by a certain amount Itemized deductions: Reduces taxable income based on a list of ...

Here’s a look at the most common tax deductions you can take if you have rental income. It’s important to know what’s considered “rental income” if you’re planning to take tax ...

The fate of President Donald Trump’s tax legislation may rest on whether the GOP can find common ground ... limited the deduction, Trump made changing the cap one of a long list of campaign ...

Tax season can be stressful. It’s so nerve-wracking for some taxpayers that it makes 30% of them want to cry, according to a recent report from Intuit Credit Karma. Not only does preparing for ...

Learn More: 8 Common Mistakes Retirees Make With Their Social Security Checks However, to help offset that income, the IRS allows you to take certain deductions to hopefully lower your tax bill to ...