Tax Deductions & Credits

Deductions and credits are two ways of saving money on your taxes. Learn the important difference between these two ways of reducing your tax bill, and how you can use every tax benefit you're eligible to take.

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Explore Deductions & Credits

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Form 8936 Is How to Get a Tax Credit for a Plug-in Electric-Drive Car
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How to Get Your Child Tax Credit Payments and Register With the IRS
Money Pile Stuck Out Of Military Khaki Coat Pocket
Special Tax Breaks for Members of the Military
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How to Use Form 8880 to Report Retirement Plan Contributions
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Recovery Rebate Credit
Disabled Businesswoman at Work
Work Opportunity Tax Credit (WOTC)
Here Are the Deductions That Disappeared Due to Tax Law Changes
Tax Breaks for Second-Home Owners
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Homestead Exemptions: Definition and How it Works, With State List
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What Is Standard Deduction in Taxes?
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Tax Credit: What It Is, How It Works, What Qualifies, 3 Types
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Learn How Much a Dependent Can Reduce Your Taxes
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Modified Accelerated Cost Recovery System (MACRS) Definition
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What Is Section 1244 Stock?
Mortgage
When Is Mortgage Insurance Tax Deductible?
Form 1045: Application for Tentative Refund
Form 2106-EZ: Unreimbursed Employee Business Expenses
Personal Income Taxes
Form 5405: First-Time Homebuyer Credit and Repayment of the Credit
How to File Form 3903: Moving Expenses
Additional Personal Allowance Expired in April 2000
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What Is an Itemized Deduction?
Close-up of a United States tax return form with a pencil and calculator.
7 Insurance-Based Tax Deductions You May Be Missing
What Does Filing as Head of Household Mean for Your Taxes?
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Earned Income Tax Credit (EITC)
A young couple reviewing taxes together.
Tax Deduction Definition
Long-Term Capital Gain or Loss Definition
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The Most Overlooked Tax Deductions
Additional Child Tax Credit
Capital Loss Carryover: Definition, Rules, and Example
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Child Tax Credit Definition: How It Works and How to Claim It
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What Is Tax-Loss Harvesting?
accountant at desk using calculator
Tax Avoidance Is a Legal Way To Limit Taxes; Tax Evasion Is Not
What is a Tax Shield?
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Form 4952: Investment Interest Expense Deduction
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What Is the Foreign Tax Credit?
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Tax-Deductible Interest
Combing Through the Fine Print
What Is the Property Tax Deduction?
Form 4684: Casualties and Thefts Definition
Business Expenses
What Is a Tax Deduction?
I Sold My House. Can I Exclude the Gain From My Income?
A financial consultant presents bank investments to a young couple.
IRS Publication 530 Definition: Tax Information for Homeowners
Annual Investment Allowance (AIA)
Personal Income Taxes
IRS Publication 529 (Miscellaneous Deductions) Definition
Qualified Production Activities Income (QPAI)
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Tax-Exempt Interest
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What is a Dividend Tax Credit?
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Unified Tax Credit Definition
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Ordinary and Necessary Expenses (O & NE) Definition
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Section 1031 Definition
Learn about Ordinary Loss
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Qualifying Relative Definition
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Hope Credit Definition
For a Secure Future You've Got to Plan for It
IRS Publication 463: Travel, Gift, and Car Expenses Definition
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What Is a Deductible?
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Exemption
business, investment, retirement, finance and Money Saving for the future concepts
What Is a Non-Refundable Tax Credit?
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What Is Deferred Gain on Sale of Home?
What is recapture?
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American Opportunity Tax Credit (AOTC) Definition