Some self-employed taxpayers can claim the deduction for business use of a home, but you must meet the requirements first.

For example, if your home office is one-tenth of the square footage of your house, you can deduct 10% of the cost of your ...

These deductions reduce a taxpayer's taxable income ... taxpayer's overall tax rate and cash flows for the given tax year. For example, because interest payments on certain debts are a tax ...

On the other hand, below-the-line deductions can be used only if you itemize deductions. "Examples of common below-the-line deductions are mortgage interest, medical expenses and state and local ...

The standard deduction is a flat-dollar, no-questions-asked reduction in your adjusted gross income. The amount you qualify for depends on your filing status. For example, in 2024, single filers ...

Assume an adjusted gross income (AGI) of $55,000 and a tax credit vs. a tax deduction of $5,000. *The example is based on a single filer using 2024 Income Tax Brackets and Rates. As you can see ...

deduction for certain medical expenses, etc. For example, the Internal Revenue Service (IRS) allows charitable donations to be tax deductible for up to 50% of an individual’s adjusted gross ...