Take advantage of these money-saving tax breaksReviewed by Lea D. UraduFact checked by Vikki VelasquezIf you own rental property, you can save money by deducting mortgage interest, depreciation, ...

This may not always be the case if you’re running a professional rental business, in which factors like tax deductions and depreciation are always maximized in a way to pay the least taxes possible.

The cost of owning a second home can be reduced through tax deductions on mortgage interest, property taxes, and rental expenses, among others.

However, expenses related to the rental property, such as maintenance, repairs, property taxes, and mortgage interest, can be deducted from the rental income, which can lower your tax liability.

In addition to normal mileage rates and tolls, you can deduct expenses related to your business. If you rent a car for business purposes, you can only deduct the portion of the cost that is related to ...

Some home improvements are tax deductible, but the IRS has strict rules about which are eligible. Find out if your project or ...

This may not always be the case if you’re running a professional rental business, in which factors like tax deductions and depreciation are always maximized in a way to pay the least taxes possible.