common tax deductions

It's rare that the decision to itemize or take the standard deduction hinges on some of the smaller deductions that you can claim on your federal form 1040, Schedule A. This is because the deduction thresholds are fairly high. For 2010, the standard deduction for married couples filing a joint...

If you keep good records, deductions can be a great way to reduce your taxable income. Increasing your allowable deductions means the less tax you owe and the more money you get to keep. To maximize your deductions, it's a good idea to familiarize yourself with tax rules -- there are likely many...