Do you know which items you can deduct?
You can deduct repairs to your residence as an itemized deduction on your income taxes.
- True
- False
People who have more children pay lower taxes than those who have fewer children.
- True
- False
You can deduct the cost of your facelift as a medical expense on Schedule A, Itemized Deductions.
- True
- False
If you're in the process of getting a divorce as of 12/31, you can file your taxes as "single" if you no longer live together.
- True
- False
Property taxes on your personal residence are deductible.
- True
- False
You must report child support you receive as income on your taxes.
- True
- False
You must report alimony you receive from your ex-spouse as income on your taxes.
- True
- False
If you pay your friend's mortgage for a year, you can take the deduction for his mortgage interest on your income tax return.
- True
- False
The cost of a vasectomy is deductible as a medical expense on Schedule A, Itemized Deductions.
- True
- False
The cost of tuition to send your child to private, not-for-profit school is deductible as a charitable contribution.
- True
- False
Your Social Security number on your tax return must match the number on your W-2 in order for your refund to be processed by the IRS.
- True
- False
Anyone who lived with you for the whole year can be claimed as a dependent on your tax return.
- True
- False
If you participate in a "work from home" business opportunity, youll be able to deduct personal expenses like your cell phone bill, heating bill, and home repairs as business expenses.
- True
- False
If you volunteer for a charity, you can take a deduction equal to your hourly rate at your regular job, times the number of hours you worked for the charity.
- True
- False
If you lived outside the United States all year, you don't have to file a U.S. income tax return.
- True
- False
Taxes
- Audit
- AMT
- Income Tax Basics
- Online Tax Filing
- Tax Advice
- Tax Credit
- Tax Deduction
- Tax Forms
- Tax Blog Posts
PERSONAL FINANCE
- Bargains
- Banking
- Budgets
- Calculators
- College Finance
- Community
- Credit
- Debt
- Economizer
- Fraud
- Insurance
- Loans
- Mortgages
- Recalls
- Recession
- Retirement
- Saving
- Simplification
- Specials
- Taxes
FROM THE BLOG
- Ask WalletPop
- Buyer Beware
- Celebs & Money
- Fantastic Freebies
- Kids and Money
- Loose Change
- Ripoffs and Scams
- Sex Sells
- Stimulate US
- The Dolans
- Video
INVESTING
- Stock Quotes
- Stock Charts
- Stock Ticker
- Portfolio
- Stock Screener
- Broker Center
- Mutual Fund Center
- ETF Center
- Money
- 24/7 Wall St.
- Financial Glossary
SMALL BUSINESS
Featured Sponsor
Electronic Filing
Free Electronic Filing & Tax ToolsTaxes: Basics
Anyone seeking help with taxes should start with the fundamentals. Here are the basics of taxes.
Worried about the national debt? Donate money to pay it down!
With the national debt growing at a frantic pace, a lot of Americans are terrified about what it will mean for our economic...
Home buyer tax credit extended & improved!
The first time home buyer tax credit has officially been extended. If you're an existing home owner you may also qualify...
Spanish league soccer players won't strike over taxes - yet
Soccer fans across the world can collectively offer up a sigh of relief: there will be no strike for soccer players in Spain....
The IRS may be looking for you - to give you your tax refund
The Internal Revenue Service might be looking for you -- but not for the reasons that you think. The IRS is actually looking...
Featured Sponsor
Tax Specials
Stay on top of tax season with these timely features.
Interest Rates
| Type | Current | APR |
|---|---|---|
| 30 yr fixed mtg | 5.07% | 5.20% |
| 5/1 ARM | 4.20% | 3.84% |
| $30K HELOC | 5.23% | 0.00% |
| 36 month new car loan | 6.93% | 0.00% |
| 1 yr CD | 1.61% | 1.62% |
