It is not just a matter of taking a deduction a year earlier.

Can I still take a deduction on my income tax return?

It may not be obvious, for example, which year to take a deduction.

You can take a deduction only for the difference in the two amounts.

Now, during tax season, comes the chance to take a deduction for those gifts.

And they can take a deduction for their contributions on Line 28 of the 1040.

About 90 percent took deductions for charity in all four years.

They also can take a deduction if the loan helps them buy a home.

"But when you can no longer take a current deduction for making loans, it will have some type of financial impact on a bank."

The Senate bill would not allow companies to take a deduction for the interest they owe on back taxes.