Most people claim the standard deduction on their federal tax return instead of itemizing deductions. How much can you claim?

Business taxpayers are often entitled to extra self-employed and small business tax deductions, which can potentially lead to ...

Social Security benefits remain taxable on federal income tax returns. But many older adults can save money with new enhanced ...

Tax deductions reduce your total taxable income, also called your adjusted gross income. The Internal Revenue Service offers both personal and business deductions, but business deductions must be ...

Two types of tax breaks stand out among all the lingo: credits and deductions. Each lowers your tax liability, which is the total annual tax owed on your income. (That figure can be found on line 24 ...

There is an above-the-line deduction available for many individual taxpayers for qualified tuition and related expenses. The deductible expenses are defined in the same manner as they are for the ...

One of the more significant changes in the recently enacted Tax Cuts and Jobs Act is new Internal Revenue Code Section 199A, Qualified Business Income. Although touted as providing tax simplification, ...

A new tax break known as the “Production Deduction” was signed into law by President Bush late last year and is effective for years beginning after Dec. 31, 2004. Construction contractors and ...