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.

Mobile Phones, Internet and Other Easy Tax Deductions

You may be able to take a tax deduction on the cost of some of high-tech gadgets that help you streamline your work.

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New Small Business Legislation Benefits Both Businesses and Individuals

The Small Business Jobs Act of 2010, and its extensions, offers additional tax breaks for both business owners and individual taxpayers.

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Deducting Summer Camps and Daycare with the Child and Dependent Care Credit

If you paid a daycare center, babysitter, summer camp, or other care provider to care for a qualifying child under age 13 or a disabled dependent of any age, you may qualify for a tax credit of up to 35 percent of qualifying expenses of $3,000 for one child or dependent, or up to $6,000 for two or more children or dependents.

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4 Tax Tips for Money-Making Hobbies

Many people take up hobbies, like jewelry-making or photography, just for the love of it and don't expect to make money from their efforts. Most hobbies require some out-of-pocket costs. The good news is that the IRS lets you deduct a portion of your hobby expenses on your tax return. But you'll need to show that you're running a bona fide business to be eligible for more generous business tax breaks.

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