Business Taxes
The Kiplinger Taxopedia:
What's Deductible?
From property taxes to student-loan interest to child-care expenses, find all your tax deductions in our encyclopedias that have been crammed with the information you need to file your tax return ... and hold your tax bill to the legal minimum.
By Kevin McCormally, Editorial Director, Kiplinger.com
January 2010
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Did you know you can write off college tuition costs? Or job-related moving expenses? And you don't even have to itemize to get these breaks. Did you know that the old Hope college credit – which used to be good for only the first two years of college – has been temporarily enlarged and is now good for the first four years of college? Or that students in seven states can earn even bigger tax credits for their parents?
The federal income tax law is packed with a multitude of ways to lower your tax bill. The trick is knowing which deductions and credits are available -- then taking advantage of them. You're probably thinking you need to hire an accountant for that. Not so.
Our tax encyclopedias make it easy to find out what is deductible. We cover all the major areas, from charitable contributions to medical expenses to retirement savings. Check out our easy-to-use guides to find out how you can cut your 2009 tax bill.
What's Deductible?
Business Expenses
Congress has filled the tax law with opportunities for businesses both large and small to recoup reasonable and necessary business expenses with tax deductions and credits.
Cars and Other Things You Own
Believe it or not, you actually can ring up tax savings as the result of buying things.
Charitable Contributions
It's good to give. And for your generosity, the IRS rewards you with tax-saving deductions for charitable contributions.
Children and Other Dependents
Kids can cost a small fortune, but they can be real money savers at tax time. Check out all the ways children and other dependents can trim your tax bill.
Education Expenses
Congress has packed the tax law with breaks to help taxpayers pay for education -- for your children, your grandchildren or even for yourself.
Employee Expenses
You don’t have to run your own business to rack up tax breaks. Even if you work 9-to-5, Uncle Sam may subsidize some of your job-related costs.
Home Ownership
Homeowners can claim a slew of write-offs to lower their tax bills. And, there are breaks even if you don’t itemize.
Investment and Retirement Savings
0% capital gains? Check. Tax-free dividends? Check. There’s a long list of ways to save taxes on your savings..
Medical Expenses
The list of medical costs that can be deducted stretches to the Mayo Clinic and back, and the best way for most taxpayers to benefit has nothing to do with itemizing deductions.
Other Deductions
These tax savers don't fall under any of our other Taxopedia categories . . . but that doesn’t mean they won’t save you money.