Tax Deductions Archive

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 …

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 …

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 child or dependent …

The standard deduction is a tax benefit that reduces the amount of income tax you are required to pay. It was designed to simplify the tax-filing process by reducing …

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 …

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 …