What are common tax deductions?

Answer Anyone who earns income must fill out a tax return each year. A tax deduction reduces the amount of money you must pay to the Internal Revenue Service.TypesTwo types of common deductions are the st... Read More »

Top Q&A For: What are common tax deductions

What are some of the common overlooked tax deductions?

medical/dental expenses, vehicle license fee (VLF) paid with your car registration, beginning in 2007 - mortgage insurance premiums, tax prep fees

Common Deductions?

Understanding tax laws can help you to save a substantial sum of money. For many common expenses, you can choose to opt for a standard deduction (a flat sum), or you can itemize your deductions, cl... Read More »

Common Schedule C Deductions?

If you're the sole proprietor of your own business, Schedule C is the form for reporting your income to the IRS and listing business expenses you're deducting from your taxes. Every deduction you f... Read More »

Common Tax Deductions for Teachers?

Teachers commonly use personal funds in order to establish and maintain their classroom. The current tax law allows for teachers to claim up to $250 of these supplies as a deduction on their taxes.... Read More »