Tag Archives: standard deduction
The Form 1040, also known as the “U.S. Individual Income Tax Return,” is the primary form used by taxpayers to report their annual income and tax liability to the Internal Revenue Service (IRS). Every year, the IRS releases updated versions of the Form 1040 and its associated schedules and instructions, to reflect any changes in […]
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For many people, the most significant changes in the tax overhaul are the almost doubling of the standard deduction and the abrogation of the personal exemption. The standard deduction is the amount filers subtract from income if they do not break deductions for mortgage interest, charitable contributions, state and local taxes and other items in […]
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In 2018, it’s $12,000 for single filers and separate married filers, $24,000 for jointly filing married filers and $18,000 for head of household. Even if you have no other qualifying deductions or tax credits, the IRS lets you take the standard deduction on a no-questions-asked basis. The standard deduction reduces the amount of income on […]
— Read moreDeductions are an excellent way to recoup some of your expenses incurred throughout the year. How you account for those expenses, however, can make a big difference on your tax bill. Taxpayers have two methods of claiming deductions- itemizing or taking the standard deduction – and they must choose one to use when filing their […]
— Read moreStandard Deduction You can take this deduction, which reduces the amount of income which you are taxed on, as an alternative to itemizing all of your expenses. The standard deduction is variable depending on your filing status. In 2015, the standard deduction is: Single or married filing separately: $6,300 Married filing jointly: $12,600 Head of […]
— Read moreIf you are planning to claim your medical expenses when you file your tax return, you have to remember a few important tips in order to take a deduction for your medical expenses. Itemize – You are required to itemize your deductions if you want to claim medical expenses. You are not able to take […]
— Read moreAt 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 moreThe one thing in life that’s guaranteed is that you’ll have to pay taxes. Thankfully, though, the government opts not to force you to pay on your entire amount of income. When determining the amount of income for which you shall be taxed, the IRS uses two determinations of deductions: Above the Line, and Below […]
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