Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Lea Uradu, J.D., is a Maryland state registered tax preparer, state-certified notary ...

utilities and maintenance — to calculate their allowable deduction. Self-employed individuals can also deduct the employer-equivalent portion of their self-employment tax in figuring their ...

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.

Financial Impact of a Swimming Pool. To make a swimming pool more affordable, you might be able to take a tax deduction for ...

Roughly 90% of taxpayers use the standard deduction, which was boosted dramatically by the Tax Cuts and Jobs Act of 2017.