Other Personal Deductions and Tax Breaks

The itemized deduction for hobby expenses is completely eliminated under the Tax Cuts and Jobs Act.

You've probably heard about the famed 44% of Americans who pay no income taxes at all. How do you join this club? There are several ways.

There are many personal tax deductions you can take only if you itemize your deductions. Itemization requires you to list the amount of each deduction on IRS Schedule A and file it with your tax return. But even if you don't itemize, you might be able to take above-the-line deductions.

The tax reform law eliminated most miscellaneous itemized deductions.

The Tax Cuts and Jobs Act changes the rules about deducting certain subscriptions.

The Earned Income Tax Credit (EITC) is money the federal government provides to low income working people to help them make ends meet.

Dogs can be expensive--what with pet food costs and veterinary bills; not to mention the cost of buying and training a dog in the first place. Dog expenses are ordinarily personal expenses that are not tax deductible. However, there are some instances where Fido can save you dough on your taxes. Service

A Ponzi scheme is a financial scam in which a promoter offers investors unusually high or consistent returns on an investment.

If you're disabled, you are entitled to an array of disability tax deductions and credits.

Make sure you understand the basics of how to deduct stock market losses.