As you begin to close out your financial books for the year, FiLife offers up some items to consider when itemizing your tax deductions.

The IRS checks on homeowners who file a mortgage-interest deduction to ensure the deductions are correct and that the recipient reported the interest income.

A reader asks whether a new sales-tax deduction for car purchases in 2009 be a deduction or a credit on this year's tax return.

The Treasury Department and the IRS have recently declared that taxpayers in all states who buy new cars and other types of motor vehicles during a predetermined time period this year are eligible to deduct excise taxes paid on the purchase.

Even as the Obama administration is bailing out the life insurance industry, they are seeking to generate billions in tax revenue from it at the same time by limiting tax breaks.   

Tom Herman takes a look at the tax credits involved with donating a car and how the deduction is not that appealing these days.

In a great sign of improvement, home sales in California have dramatically increased.

Per a new economic-stimulus law, a new vehicle purchased after Feb. 16, 2009 and before Jan. 1, 2010 is eligible to be deducted on state and local sales and excise taxes for 2009 tax returns.

Eva Rosenberg details how taxpayers can take advantage of new incentives for going green, recently announced by the IRS.

Donor-advised funds are the philanthropy of the future, besting private foundations by offering immediate tax deductions and more independent asset allocation.