No, you can't deduct credit card interest (usually), job-hunting clothes or commuting costs. But people keep thinking they can.
Many eligible taxpayers avoid this deduction because they've heard it's complicated and likely to trigger an audit. There are lots of rules, but here's the plain-English translation.
Buying a home complicates your tax return but may provide savings. Mortgage interest, points and PMI are deductible, and you may get tax-free profits when you sell.
If your medical expenses exceed 7.5% of your income, you can deduct what you pay for medical care, including eyeglasses and mileage for doctor visits.
The president wants to cut taxes on investment and add a 10% credit for businesses that create jobs or raise wages. Some of his proposals already have bipartisan support.
The previous exemption of the first $2,400 in unemployment benefits from federal tax is over. Job-search costs, training for a new job and relocation expenses may be deductible.
If you suffered losses from a flood, hurricane or other disaster that weren't covered by insurance, you may be able to deduct your losses on your federal income tax return.
VIDEO ON MSN MONEY
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
The Fed may start tapering in just a few months. Here are a few of the likely winners and losers.
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
MONEY & POLITICS
Breaking up big banks is an untested solution to the too big to fail problem that attempts to isolate and dismantle large, troubled institutions while protecting the rest of the economy.
Even those who don't like to shop are probably hitting the stores this month. Here's what to be on the lookout for and here's what to avoid.
The IRS is struggling to combat identify thieves who file fraudulent tax returns in the names of older residents who don't need to file.