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

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

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 ...

As you file federal taxes, deductions and credits can help lower your tax bill — but they do so differently. Deductions reduce your taxable income by allowing you to subtract certain expenses ...

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

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.

If you had substantial health care expenditures last year, you may be able to deduct some of them from your taxable income. But many taxpayers miss out on this valuable tax break because they ...

Depending on what you've spent, claiming your medical expenses can get you a bigger refund. We walk you through everything you need to know before filing your taxes.

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