What is the IRS Standard Deduction?
October 2, 2022
The standard deduction is a tax benefit that reduces the amount of income you are required to pay taxes on. It was designed to simplify the tax-filing process by …
Now Trending:
National Tax Reports
Helpful Information You Can Use When Filing Your Taxes
Tax Deductions Archive
Standard Deduction for Married Filing Jointly
October 1, 2022
What is the standard deduction for married filing jointly? In the United States, the standard deduction is a dollar amount that reduces the amount of income taxes that a …
What Are Medical Expense Tax Deductions?
September 26, 2022
If you have medical expenses that exceed 7.5% of your adjusted gross income, you may be able to deduct them on your federal income tax return. This deduction is …
What is the IRS Mileage Rate?
September 26, 2022
For anyone expecting to claim mileage on their taxes in 2023, it’s an exciting time. The IRS has released the new mileage rate. Let’s discuss what you need to …
Can You Deduct Child Care Expenses?
September 26, 2022
For parents who are responsible for childcare, handling the cost of bringing up children can be challenging. That’s why the IRS allows you to deduct certain childcare expenses on …
Are Home Improvements a Tax Deduction?
September 26, 2022
Are Home Improvements Tax Deductible? Whenever you make a home improvement, such as replacing the windows or installing a brand-new HVAC system, you may be able to use those …
Can You Claim Home Repair Tax Deductions?
September 26, 2022
When people think of home repairs, they don’t generally think of doing them as a way to lower their tax liability. However, there are some ways that home repairs …
What is the IRS Dependent Exemption?
September 1, 2022
The IRS dependent exemption is designed to reduce the tax burden on taxpayers who are responsible for supporting a dependent. People who have children are the most likely to …