How much tax you owe depends on your income. However, the federal government, through the Internal Revenue Service, allows you to claim deductions that reduce your taxable income and the amount of tax ...

When tackling your taxes, it can sometimes be hard to figure out whether to opt for a standard deduction or to itemize. According to tax pros, itemizing generally makes sense only if your itemized ...

NEW YORK (AP) — When tackling your taxes, it can sometimes be hard to figure out whether to opt for a standard deduction or itemize. According to tax pros, itemizing generally only makes sense if your ...

Taxpayers can reduce their IRS bill by deducting qualifying expenses from their taxable income. The easiest way to do that is to take the standard deduction, a flat rate offered to nearly all ...

This article is the first in a new column, Personal Financial Planning, covering the role of CPAs in advising individuals and ...

The type of deduction you take can reduce your tax bill, or even determine how much you get back in refunds this tax season. But what is the difference between standard and itemized deductions? Is one ...

Homeowners have two choices when claiming deductions to reduce their taxable income: the standard or itemized deduction. But which one is better to maximize savings? Learn More: Can You Write Off Your ...

As you prepare to file your next tax return, should you do the same? Standard deduction vs. itemized deductions Claiming the standard deduction is certainly easier. To itemize, you need to keep track ...

When the Tax Cut and Jobs Act of 2017 (TCJA) was a major overhaul of the federal tax code that was designed to both reduce taxes and simplify tax filings for most taxpayers. You may recall that tax ...