Results for:(82 found)
Mar 8, 2012 11:24AM on Smart TaxesBy MSN Money Partner

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.

Mar 7, 2012 11:59AM on Smart TaxesBy MSN Money Partner

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.

Feb 29, 2012 10:32PM on Smart TaxesBy MSN Money Partner

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.

Feb 17, 2012 11:36AM on Smart TaxesBy MSN Money Partner

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.

Feb 15, 2012 9:17PM on Smart TaxesBy MSN Money Partner

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.

Feb 13, 2012 9:36AM on Smart TaxesBy Stacy Johnson

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.

Feb 10, 2012 1:21PM on Smart TaxesBy MSN Money Partner

No, you can't deduct credit card interest (usually), job-hunting clothes or commuting costs. But people keep thinking they can.

Feb 4, 2012 11:49AM on Smart TaxesBy Stacy Johnson

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.

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