If you had substantial health care expenditures last year, you may be able to deduct some of them from your taxable income.

Form 4684 allows individuals, businesses and estates to claim deductions against any unexpected losses due to theft or ...

Form 4684 allows individuals ... the loss must exceed 10% of the taxpayer's adjusted gross income (AGI). If you want to claim deductions for disaster or theft losses, here are seven general ...

“There are two valuable credits that the IRS reports one out of five people miss every year. The Earned Income Tax Credit is ...

Homeowners have two choices when claiming deductions to reduce their taxable income: the standard or itemized deduction. But ...

The standard deduction is a flat-dollar reduction to your adjusted gross income (AGI). For the 2024 tax year, the standard deduction for individuals is $14,600 and $29,200 for married filing jointly.

Below-the-line deductions are subtracted after calculating your AGI and are only available if ... “Taxpayers should review the tax form carefully to see what deductions apply to them and ensure ...

I recommend that you do not be lazy and go through the effort of compiling your itemized deductions. Your efforts may be greatly rewarded!

NEXT explains that if you're an independent contractor, it's your job to pay taxes on your own—and you'll want as many 1099 ...