Reduce Taxes with Tax Deductions

Tax deductions reduce your taxable income. For Tax Year 2011, there are many tax deductions available for workers and families.

95 Percent of Workers and Their Families Will Get a Tax Break in Tax Year 2011

These tax changes will impact Tax Year 2011 Individual Income Tax Returns (due by April 17, 2012) and 2010 Amended Returns.

It is important to plan now and act during the year. These tax breaks provide a financial boost to families, workers, retirees, the unemployed, first-time homebuyers, and new car buyers.

There Are Tax Deductions for Everyone:

Workers
New Car Buyers
First-Time Homebuyers
Retirees, Veterans, and the Disabled
Families with Children in College
Homeowners
 

Please check back often since we will post more details about these tax changes as they become available.

Increase Your Tax Refund or Reduce Your Taxes

During the tax interview on efile.com you will be prompted about various tax deduction and tax credit options. This is a reminder that enables you to think about expenses or tax credits that might apply to your tax return. Before you prepare your tax return and as a tax preparation planning tool, please learn more about the common tax deduction and tax credit options listed here. Remember that every eligible tax deduction or tax credit will either increase your tax refund or reduce the taxes that you owe. View a more complete list of current Federal Tax Credits.

Income Deduction - Family, Home, and Mortgage Family-Related Tax Deductions for Tax Year 2011 Did you get married? Did you get divorced or separated? Did you have a child? Medical deductions and medical expenses checklist Charitable donations and deductions Federal standard deductions List of tax exemptions Other miscellaneous deductions Nondeductible expenses See if you qualify for these tax credits:   More details Dependent and child care tax credit Child tax credit Earned income tax credit - EITC (for low wage income earners) Hybrid car tax credit Student and educational tax credits Saver's Credit - Retirement Savings Contributions   Home and Mortgage Deductions Did you purchase your first home? Home tax deduction Home office deduction Energy tax credit for the home

Employee Expense Deduction - Work Deduction On-the-Job Tax Deductions A list of employee expenses you might be able to deduct Additional employee deductions Special work or job expenses as tax deductions Employment or job deductions that might NOT be deductible Military, armed forces related tax deduction options Job Loss, Job Search, and Taxes Did you search for a new job? (Job search expenses can reduce your taxes) Did you lose your job? (How a job loss might impact your taxes)

Click here for information on whether to itemize deductions or claim your standard deduction

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