Tax Deductions

More in Tax Deductions

Can a Boat Be Considered a Second Home for a Tax Deduction?

Buying a boat can give you a new leisure activity, but it might also give you a tax break. If you've taken out a loan to buy the boat and the loan is secured by the boat, you might qualify to deduct the interest you pay on the loan as part of the mortgage interest deduction.

Maximum Deductions for Work Expenses Without Receipts

The Internal Revenue Service isn't big on "trust me!" as an explanation for tax deductions. If you're self-employed, you can write off business expenses. As an employee, you can itemize unreimbursed work expenses, after subtracting 2 percent of your adjusted gross ...

Cut Off Date for a Charitable Donation to Affect Tax Liability

Taxpayers who itemize their deductions can take advantage of year-end charitable giving to help out causes that are important to them, and save on their taxes at the same time. If you are in the 25 percent marginal tax bracket and give $2,000 to your favorite charity, you will ...

Should I Take a Deduction if I Lost the Receipt?

The Internal Revenue Service requires you to keep accurate records of tax deductions, including keeping receipts for deductible purchases. While you should make every effort to be compliant with every letter of the tax law, real-world occurrences may make this difficult, such as ...

How to Change a Withholding So That You Don't Pay in Enough to Get a Federal Tax Refund

The amount of money you have withheld from your paycheck is an estimate. You guess how much you will owe based on the number of exemptions you choose on your W-4 form. If you consistently receive a refund, you have in effect lent the government money, interest-free, each year. ...

Can I Write Off Taxi Rides for Taxes?

When you fly to a city and need to get from the airport to your hotel and back, you might choose to take a taxi. If you're traveling on business, or if you came to town to get medical treatment, you can probably write off any taxi rides when you file your federal income tax ...

Do Capital Losses Count Against the Standard Deduction?

When the time comes to complete your tax return, you want to make sure you take all of the deductions and write-offs possible to pay no more income tax than is necessary. For many tax payers, the standard deduction provides the best tax benefit. Capital losses are claimed on ...

The Top Missed Itemized Deductions

The Internal Revenue Service allows you to claim a standard deduction or itemized deductions when you file your tax return. Individuals with deductions that exceed the amount of the standard deduction should itemize. Unless you hire a tax professional, it is easy to miss some ...

What Qualifies as Hobby Expenses on My Tax Return?

By definition, a hobby is something you do for pleasure, and the Internal Revenue Service doesn't let you exempt income from taxation because you spent it on pleasurable pursuits. This isn't to say hobby expenses are never deductible, however. The catch is whether your hobby ...

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