The IRS lets you deduct either state income tax or state sales tax from your federal taxes. Most people deduct income tax, but there are times that sales tax is a better choice.
If you are supporting relatives, including adult children and elderly parents, you can deduct them as dependents. But make sure you follow all the rules.
State and local income taxes, property taxes and other levies can be deducted from your taxable income. But some of those tax breaks require you to itemize.
Normally, you can't deduct the cost of staying well from your taxes. But if a doctor prescribes exercise for a specific medical condition, your dues could net you a tax break.
A dependent doesn't have to be a relative or even live with you, but you do have to provide more than half of his or her support and meet other criteria.
One easy way to lower your taxes is to take all the tax breaks you're eligible for. Check out this list of commonly overlooked deductions.
No, you can't deduct credit card interest (usually), job-hunting clothes or commuting costs. But people keep thinking they can.
VIDEO ON MSN MONEY
Copyright © 2014 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.
New rumors don’t change my view: GM will have two different plug-in electric car platforms in the next one to three years.
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.
You pay good money for your warehouse club membership. Make the most of it by picking up these 10 best buys.
Six weeks later, most Americans have forgotten about the 2014 tax season -- except those who didn't file by the April 15 deadline.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'