A tax shield is a reduction in taxable income for an individual or corporation achieved through claiming allowable deductions such as mortgage interest, medical expenses, charitable donations ...

The U.S. tax code does not allow taxpayers to deduct penalties assessed by the Internal Revenue Service. However, they may ...

Becoming a homeowner isn’t just the American dream for some. It can also come with tax benefits, one being the mortgage interest deduction. However, not all homeowners can claim this tax ...

Closing the carried-interest tax loophole, which benefits private equity and hedge fund managers, has been a political football for two decades. And thanks to a last-minute save from Arizona Sen.

In order to take advantage of the mortgage interest tax break, we have to itemize and file Schedule A of Form 1040 to prove ...

Credit card interest on business expenses is tax deductible, but not on personal expenses. Deducting credit card interest on your taxes can lower your tax burden, but you'll save more money if you ...

Only self-employed individuals are eligible for a tax deduction. You will need to keep detailed records to prove your business use when you file your taxes. Car loan interest is deductible in ...