Tag Archives: Itemizing
At tax time, anything that can help save you money off your tax bill is highly welcomed. These two tax items can put more money in your wallet, where you need it most. Deductions Deductions are a great way to reduce the amount you owe in taxes at the end of the year. Expenses that […]
— Read moreThe standard deduction is allotted to all taxpayers by the IRS. It represents an amount of income that the government will not tax. Taxpayers who want to simplify their returns and opt not to itemize can claim the standard deduction. Just chose the correct filing status, and check the box for the standard deduction. In […]
— Read moreThere are two methods you can use to deduct expenses at tax time: you can either itemize or utilize the standard deduction. Deductions decrease your taxable income, lowering your tax threshold. The standard deduction amount is different depending on factors such as filing status, taxpayer age, and income levels, and is revised annually. There are […]
— Read moreYou Can Still Claim Certain Deductions. Filing taxes is a stressful affair, causes anxiety and can be highly confusing. Should you take the standardized tax deduction of $6,200 for singles? Double that amount for couples. Itemizing your tax deductions may give you a bigger refund. Itemizing deductions will necessitate keeping all your medical, tax, and […]
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