Understanding the Mortgage Interest Deduction
The Mortgage Interest Deduction allows homeowners to reduce their taxable income by the amount of interest paid on a qualified… Read more
Tax Deductions
Did Tax Reform Change the Deductions for Your Home Office?
The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the miscellaneous deduction for home office expenses for tax years… Read more
Deducting Charitable Donations of Clothing and Household Items
The tax laws say that you can deduct charitable contributions worth up to 60% of your AGI. But special rules do apply, depending… Read more
What Are Tax Credits and Tax Deductions?
Tax credits and tax deductions are two different types of tax breaks. Both can lower your tax bill, but they… Read more
8 Surprising Tax Credits and Deductions You Should Know About
A tax deduction reduces the amount of income you earn that is subject to federal income tax, and a tax credit reduces… Read more
Tax Deduction for Medical and Dental Expenses
The information in this article is up to date through tax year 2019 (taxes filed in 2020).
If you have significant medical… Read more
Do Renters Qualify for a Tax Deduction?
While a small number of tax credits and deductions apply to homeowoners only, the fact is there are several breaks that you… Read more
Top 5 Tax Breaks for Parents Getting a Degree
The information in this article is up to date through tax year 2020 (taxes filed in 2021).
If you are raising children and… Read more
How Playing Fantasy Sports Affects Your Taxes
The information in this article is up to date through tax year 2019 (taxes filed in 2020).
An estimated 57 million to 75… Read more
6 Facts for Military Spouse Taxes
Military spouses face a lot of challenges – and filing your taxes may be one of them. It’s normal to feel overwhelmed if you… Read more