Tax deductions can lower the amount of income that is subject to tax. Here's more on how tax deductions work, plus 25 tax breaks that might come in handy.

The standard deduction changes each year based on inflation. How much of a deduction you're entitled to depends on your age, filing status and other factors.

When you itemize on your tax return, you opt to pick and choose from the multitude of individual tax deductions out there instead of taking the flat-dollar standard deduction.

Tax credits and tax deductions both decrease what you owe the IRS, but in different ways. Here's the difference, and how you can make them work for you.

Aug 27, 2025 · Tax deductions decrease your taxable income, whereas tax credits decrease your tax bill. Both minimize how much you pay in taxes — just in different ways.

Tax deductions, on the other hand, reduce how much of your income is subject to taxes. Deductions lower your taxable income by the percentage of your highest federal income tax bracket.

What is the SALT tax deduction? The state and local tax (SALT) deduction is a federal tax break that allows filers who itemize to deduct a portion of their certain state and local taxes from their ...

The IRS website provides details about determining whether your home office qualifies for a tax deduction and has worksheets for calculating the deduction amount.

Schedule A is an IRS form used to claim itemized deductions on a tax return (Form 1040). See how to fill it out, how to itemize tax deductions and helpful tips.

Here's a look at how the medical expense deduction works and how you can make the most of it.