Deductions, Individual taxes
The sales tax deduction is one of the little-known deductions available to individuals. Because taxpayers must choose between claiming the sales tax deduction or the state income tax deduction, most tend to claim their state taxes. In some cases, though, claiming...
Deductions, Individual taxes
Many taxpayers are unaware that they may be able to deduct the costs of searching for a job or moving to start work for a new employer. The IRS allows taxpayers to write off their reasonable moving expenses under certain conditions, as well as the necessary expenses...
Deductions, Individual taxes
According to the IRS, taxpayers can claim casualty losses from all kinds of natural disasters, including earthquakes, volcanic eruptions, tornadoes, hurricanes, and floods. In general, the criteria for claiming a casualty loss as a tax deduction is that it must be a...
Deductions, Individual taxes
Taxpayers who are making payments on student loans may qualify to deduct the interest portion of their payments on their federal income tax returns. According to the IRS, the student loan interest deduction is available to those who meet certain conditions and income...
Deductions, Individual taxes
Did you donate some of your household items to charity during the past year? If so, you may be eligible to deduct the value of these items as a charitable contribution on your federal income tax return. The IRS allows taxpayers to claim an itemized deduction for...
