Individual taxpayers can claim a wide variety of deductions on their federal taxes. "The basic rules of deductions start by ...

You can deduct business expenses from your small business revenue to lower your tax bill in several ways. Business deductions can sometimes reduce your income on a dollar-for-dollar basis.

A new report outlines the benefits the 20% Small Business Tax Deduction will bring to Ohio if it is made permanent.

Do you use your home office space only for work, and is it your primary place of business? If so, there are multiple options for calculating your independent contractor tax deductions in this ...

Travel-related expenses such as flights, lodging and taxis are also tax deductible. Most business meals are limited to a 50% deduction in 2024. You can also deduct up to $5,000 in startup expenses ...

Self-employed taxpayers don’t get Form W-4 and can’t take advantage of certain payroll deductions, but they can take advantage of many of the small-business tax deductions. For example ...

Over the years, the IRS has allowed some unusual tax deductions, but the circumstances were very specific. Basically, taxpayers must prove the items were necessary or a legitimate business expense.

Many tax deductions, such as charitable donations and business supplies, are well known, but some are more obscure. With tax season upon us, here’s a look at how tax deductions work and three ...