What Is Tax Deductible? Tips and a List of Tax Deductions

Find out what is tax deductible before you prepare and efile your 2011 Federal Tax Return.

We will keep this page updated with the latest tax help topics, such as tax savings, the latest available tax deductions, and other money-saving tax return tips.
Tax Deductions List and Tips for your 2011 Tax Return

Tax deductions are important to save taxes and increase your tax refund. What is deductible for you? Which tax deductions might apply to you? Find out here:
Life-Changing Events Can Result in Tax Deductible Expenses

Did you lose your job? Job loss expenses might be tax deductible.

Did you search for a new job? Turn job search expenses into tax deductions.

Did you get married? Marriage may actually save you money on taxes.

Did you get divorced or separated ? This might also affect your tax return.

Did you have a child? Children or other dependents can mean tax credits and deductions.

Did you adopt a child? Adoption expenses can be deductible.

Did you go to college? Find information about tax deductible education expenses.
Other 2011 Tax Deductible Expenses and Tax Deduction Tips

Medical deductions and medical expenses checklist

Charitable donations and tax deductions

Other miscellaneous tax deductions

Non-deductible expenses

Additional tax deductions

Types of taxable income
2011 Tax Deductible Expenses and Other Money-Saving Tax Tips

The following income tax tips could help you save money on your taxes:
Adjust Your W-4 Paycheck Withholding

Not sure what you should enter on your W-4 form? Make sure you are not having too little or too much tax withheld from your paycheck.

Learn more about adjusting your paycheck withholding
Do You Have to File an Income Tax Return?

Find out which income amounts require you to file or efile a tax return and why you might want to even if you owe no taxes.

Learn more about the requirements for filing a tax return
Choose the Right Income Tax Filing Status

Your tax filing status must be decided before you can calculate your correct tax rate, deduction amounts, and filing requirements. Your income tax filing status generally can be divided into Married and Unmarried (Single, Widow, Head-of-Household). Whether you may file as married or unmarried depends on your legal marriage status on the last day of the tax year, December 31. There are five filing options, each with its own specific qualifications and consequences.

Learn more about tax filing statuses
Know Your Federal Standard Deduction

If you do not itemize deductions or if the total of your itemized deductions does not exceed the federal standard deduction amount, you should claim the standard deduction on your 2011 Tax Return. Click the link below to find the standard deduction amounts for 2011 for each filing status.

Learn more about the Federal Standard Deduction
Find Ways to Save Tax Money

Tax loopholes are not only for big businesses and savvy tax attorneys. Read about ways to save money on taxes--from charitable giving to income deductions that the IRS cannot tax.

Learn more about tax loopholes and more ways to save money on taxes
Find Tax Exemptions

Tax exemptions are similar to deductions--they reduce your taxable income for the year. Exemptions are divided into two categories: personal exemptions and dependent exemptions.

Learn more about tax exemptions
Find Tax Credits

Tax credits are even better than tax deductions! Credits reduce your taxes dollar-for-dollar and some tax credits are even refundable.

Learn about federal tax credits
Owe Taxes? Difficulty Paying Taxes?

The IRS has continued to assure taxpayers that it will balance its responsibility to enforce the tax laws with the realities of the current economic climate. All IRS staff has been given a greater degree of flexibility to help taxpayers who are struggling to pay their income taxes.

Learn more about owing taxes and what to do about paying them
Know the Mileage Deduction Rates

If you use your vehicle to commute to work or for other business purposes, you may be able to deduct a set amount for each mile driven. There are also standard mileage rates for vehicle use in the service of charity, for the purposes of moving to be closer to a job, and for qualified medical use.

Find out the latest standard mileage rates
Make Sure You Get Your Tax Refund!

Every year for the last few years, over 100,000 tax refund checks have been returned to the IRS as undeliverable. Why? Because they were sent to incorrect or outdated mailing addresses. The average amount of these checks is about $1,140. Is one of these tax refund checks for you? If you are the intended recipient of one of these returned checks, all you have to do is update your address with the IRS. The IRS encourages taxpayers to efile their returns and use direct deposit to receive their refunds. Electronic filing and direct deposit help reduce errors, increase the speed of tax refunds, and eliminate the problem of undeliverable refund checks.