Common Income Tax Deductions


Some common income tax deductions that can lower your annual taxes include mortgage interest, state and local property taxes, charitable contributions, and non-reimbursed work expenses. Find deductions that you are eligible for in this video.

Business Use of Vehicles

If you use vehicles in your small business, how and when you deduct for the business use of those vehicles can have significant tax implications. It pays to learn the nuances of mileage deductions, buying versus leasing and depreciation of vehicles. Special rules for business vehicles put in use in 2017 can deliver healthy tax savings.

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Video: Common Income Tax Deductions

Some common income tax deductions that can lower your annual taxes include mortgage interest, state and local property taxes, charitable contributions, and non-reimbursed work expenses. Find deductions that you are eligible for with help from TurboTax in this video on annual tax filing.

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Reversing a Roth IRA Conversion

Under new rules that took effect in 2010, you can convert a traditional IRA into a Roth IRA no matter what your income is. If the conversion turns out to have adverse tax consequences, you'll have plenty of time to reverse the whole transaction, but only for tax years prior to 2018.

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Deduction for Higher Education

The Tuition and Fees Deduction expired at the end of 2017. It allowed you to deduct up to $4,000 from your income for qualifying tuition expenses paid for you, your spouse, or your dependents.

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