If you had substantial health care expenditures last year, you may be able to deduct some of them from your taxable income.

Homeowners have two choices when claiming deductions to reduce their taxable income: the standard or itemized deduction. But ...

Your aging-in-place plan could benefit from the medical expense tax deduction. But watch out for capital gains and property ...

The standard deduction amount will be subtracted from your gross income as you calculate your adjusted gross income—or AGI. For example, a single filer earning $75,000 in 2024 (filing in 2025 ...

These deductions, found on Schedule 1 of IRS Form 1040, reduce your adjusted gross income, or AGI, which means a lower tax bill for you. Learn more: Looking for more tax breaks? Here are popular ...

Itemized deductions are qualified expenses you can subtract from your adjusted gross income. If you go this route, you’ll deduct the actual amounts you spent in categories like charitable ...

Medical and dental care gets more expensive every year. Health insurance helps defray your costs, but benefits don’t generally improve to make up the difference. Can you catch a break by ...

While many taxpayers know they can deduct certain medical expenses if they exceed 7.5% of their adjusted gross income, few realize this includes travel costs to receive medical care. Specifically ...

joint filers with an AGI below $105,380. The deductions are phased out by 10% for each $4,000 in excess of the thresholds. Montana: The state tax rate ranges from 4.7% to 5.9%. Taxpayers aged 65 ...

Depending on what you've spent, claiming your medical expenses can get you a bigger refund. We walk you through everything ...