Not every deductible item can be fully written off in the current year. Some items must be deducted over a period of time, such as points for obtaining a mortgage on investment property. Some items ha...

With Labor Day upon us, now is the time that workers should be thinking about the tax-deductible expenses they incur for their job. Retaining appropriate receipts and other records can support write-o...

The following tax rules expired at the end of 2011, but many likely will be extended for 2012. Keep you eyes on these items—some are personal, others are for business—so you can take advantage of ...

Shakespeare said “past is prologue.” Was he talking about taxes? Maybe, because the carryovers you amassed in prior years can work to reduce your taxes now. Even better, these carryovers did not e...

If you satisfy the tests for deducting job-related education, you can write off a variety of courses. Here are some examples:An attorney in practice who takes LLM courses to obtain a master's deg...

If you pay for education related to your current line of work, you may be able to deduct your expenses.If you qualify for the deduction by meeting all of the conditions, you claim the deduction as...

If you own your car and use the actual expense method for writing off the cost of business driving, you can claim an allowance for depreciation or elect first-year expensing. Cars are treated as 5-yea...

The cost of work tools is deductible. The cost is treated as a miscellaneous itemized deduction. Miscellaneous itemized expenses are deductible only to the extent they exceed 2% of adjusted gross inco...

The cost of subscriptions to professional journals and newsletters for work-related information are deductible. This applies to print as well as online versions. The cost is treated as a miscellaneous...

The cost of searching for a new job in this tight job market in your same line of work is deductible as a miscellaneous itemized deduction. There is no dollar limit on the amount of this deduction. Yo...

If you lease your car and claim a deduction under the actual expense method, you may have to include a phantom amount in income. This is called the inclusion amount and is designed to equate write-off...

You must keep good records to back up your deduction for business use of your car. If you fail to do so, you can lose some or all of your deduction. Here's what your records should show:Mileage (...

If you use your personal car for business and do not receive any reimbursement for such use by your employer or you are self-employed, you can deduct expenses related to the business use of your car. ...

Just about any type of expense related to your job that can be viewed as ordinary and necessary may be deductible. These miscellaneous job-related expenses are treated as a miscellaneous itemized dedu...

The costs of work clothes and uniforms are deductible. They are treated as a miscellaneous itemized deduction. Miscellaneous itemized expenses are deductible only to the extent they exceed 2% of adjus...

Dues you pay to unions or professional associations are deductible. The dues are treated as a miscellaneous itemized deduction. Miscellaneous itemized expenses are deductible only to the extent they e...

When the real estate market is hot, savvy investors may look to real estate as a way to make fast cash. They buy a home, do some cosmetic fix up, and then resell the property. In very hot markets, hom...

If you run a business from your home and use a portion of the space regularly and exclusively for this activity, you can write off expenses allocable to the space. Such expenses include not only real ...

Homeowner's insurance may not cover all of your losses resulting from a storm or other unexpected catastrophe. Fortunately, the tax law can help by allowing you to deduct the uninsured loss. Here's wh...

Your job may entitle you to more than just a paycheck. Your employer may help pay the cost of education for you, and perhaps your spouse and children as well. This can be a highly valuable fringe bene...