Homeowners have two choices when claiming deductions to reduce their taxable income: the standard or itemized deduction. But ...

Fact checked by Giselle Cancio The standard tax deduction is a fixed amount that taxpayers can subtract from their income to ...

With tax season here, understanding whether to itemize deductions or take the standard deduction can help you maximize ...

If you had substantial health care expenditures last year, you may be able to deduct some of them from your taxable income.

Since we withdrew money from our 401 (k), we expect to owe the IRS money this year. However, by itemizing and deducting the interest paid on our mortgage debt, along with several additional tax breaks ...

When it’s time to file your return, there’s typically two ways to take them – the standard deduction, a single, fixed amount the IRS lets you deduct, or itemized deductions, where you add up ...

The Tax Cuts and Jobs Act of 27. nearly doubled the standard deduction and eliminated or capped many itemized deductions. They were things like investment related expenses, tax preparation.