Make sure you know about all the tax deductions and tax breaks you are entitled to take on your personal income tax return. You can save a lot of money at tax time by learning about the valuable tax deductions, tax credits, and other tax breaks that are available to you. No one is going to tell you if you miss deductions or credits that you could have taken. You need to learn what is available so you don't pay more to the IRS than you need to.
Here are the top personal deductions for individuals.
Seven Steps to Lower Your Taxes
Learn basic tax-saving strategies you should know to help reduce your taxes.
Top Six Tax Deductions for Seniors and Retirees
Here's a list of the top tax deductions for those over 50.
Are Disability Pensions and Benefits Taxable Income?
Not always, but many disability-related payments are taxable income.
The Rules on Filing IRS Form 5500 for Your Solo 401(k) Plan
Find out when and how to file IRS Form 550 for your solo 401(k) plan.
Determining Your Home's Tax Basis
Your tax basis in your home will be a key factor in calculating your tax gain or loss when you sell your home.
The $250,000/$500,000 Home Sale Tax Exclusion
Don't miss out on one of the most valuable deductions ever when you sell your house.
Using the Standard Mileage Rate to Deduct Business Driving Expenses
Learn the rules for deducting your local business travel expenses using the standard mileage rate.
Can You Deduct Unreimbursed Job Expenses?
There are different options and significant differences with how you handle unreimbursed job expenses.
How to Claim Child Tax Credits
If you have children you support, there are two different tax credits you should know about.
Can You Deduct Your Expenses From a Hobby?
The itemized deduction for hobby expenses is completely eliminated under the Tax Cuts and Jobs Act.