Did you know you can write off college tuition costs? Or job-related moving expenses? And you don't even have to itemize to get these breaks. Did you know that the old Hope college credit – which used to be good for only the first two years of college – has been temporarily enlarged and is now good for the first four years of college? That some new homeowners who took advantage of the special homebuyer’s tax credit have to pay it back . . . and some don’t?
The federal income tax law is packed with a multitude of ways to lower your tax bill. The trick is knowing which deductions and credits are available -- then taking advantage of them. You're probably thinking you need to hire a high-price accountant for that. Not so.
Our tax encyclopedias make it easy to find out what is deductible. We cover all the major areas, from charitable contributions to medical expenses to retirement savings. Check out our easy-to-use guides to find out how you can cut your 2010 tax bill. And here’s more good news: What you learn now can be put into practice in the future, too, to hold down your tax bill year after year after year.
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What's Deductible?
Congress has filled the tax law with opportunities for businesses both large and small to recoup a healthy portion of reasonable and necessary business expenses with tax deductions and credits.
Believe it or not, you actually can ring up tax savings as the result of buying things.
It's good to give. And for your generosity, the IRS rewards you with tax-saving deductions for charitable contributions.
Kids can cost a small fortune, but they can be real money savers at tax time. Check out all the ways children and other dependents can trim your tax bill.
The tax law is filled with breaks to help taxpayers pay for education -- for your children, your grandchildren or even for yourself.
You don’t have to run your own business to rack up tax breaks. Even if you work 9-to-5 for the boss, Uncle Sam may subsidize some of your job-related costs.
Homeowners can claim a slew of write-offs to lower their tax bills.
Investment and Retirement Savings
0% capital gains? Check. Tax-free dividends? Check Tax-free retirement income? Check. There’s a long list of ways to save taxes on your savings..
The list of medical costs that can be deducted stretches to the Mayo Clinic and back but the best way for most taxpayers to benefit has nothing to do with itemizing deductions.
These tax savers don't fall under any of our other Taxopedia categories . . . but that doesn’t mean they won’t save you money.
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Two Consequential Tax Cases You May Not Have Heard AboutThe Supreme Court's decisions in these cases create uncertainty about challenging IRS regulations and guidance. Expect more litigation to follow.
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Sometimes It Pays to 'Blow the Whistle' on IRS Tax EvadersTax Fraud The IRS recently awarded three IRS whistleblowers $74 million. Here's why.
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The Big CPA Shortage Problem in AccountingCareer This once resilient accounting industry is cracking, as the labor force seems in dire straits. It’s also affecting the IRS.
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IRS Skirts TikTok Ban to Sniff Out Tax ScammersTax Scams Social media scams caused thousands to file inaccurate returns. What does that have to do with TikTok?
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Who Does the IRS Audit the Most?Audits The IRS has a $400K audit directive problem. Here’s what you need to know.
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IRS Hauls Back $1.3 Billion From High-Income EarnersTax Filing Certain income and wealth levels can trigger an IRS audit. Here's what you need to know.
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Incorrect ERC? IRS Points to Five New Red FlagsTax Credits These signs could mean there’s an error in your Employee Retention Credit claim.
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IRS Has No Set Plan to Replace Old TechIRS What could old IRS technology mean for your federal tax return and cybersecurity?
