Filing taxes can feel overwhelming, but one of the most important decisions you'll make is also one of the simplest: whether to take the standard deduction. For single filers, this deduction offers a ...

If you're 65 or older, this could have a huge effect on your taxes this year.

Can you claim the home office tax deduction this year?

The section 179 deduction allows a small business to take a tax deduction for the entire cost of certain property and equipment in the year it buys that property. That produces a larger, more ...

A pre-tax deduction can be an invaluable financial tool for both employer and employee – here’s how it works Pre-tax deductions play a major role in the way employers handle employee paycheck tax ...

Tax credits are generally more valuable than tax deductions. There are many types of each: nonrefundable, partially refundable and fully refundable tax credits, and standard vs. itemized deductions, ...

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 ...

GoodRx reports seven overlooked medical expenses that are tax-deductible, including acupuncture and medical transportation, if itemized.

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 ...

The Tax Cuts and Jobs Act lowered individual tax rates, nearly doubled the standard deduction and boosted tax credits for families with children. But while the new law provided some new tax breaks, it ...