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 ...

The choice between itemizing your deductions and taking the standard deduction — a decision that can have serious repercussions for a taxpayer's bill to the government — varies across income groups.

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

As the April 15 tax deadline approaches, here’s what you need to know about claiming deductions on your tax return. The standard deduction is a flat-dollar reduction to your adjusted gross income (AGI ...

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 ...

Should you itemize your taxes? Most taxpayers take the standard each year. The Tax Policy Center estimates that only about 10% of households itemize their taxes. This is in large part because the ...

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If you’re a homeowner preparing to file your taxes, you’ve probably asked yourself: Should I take the standard deduction or itemize? The answer could make a big difference in how much you save—and it ...

President Donald Trump’s One Big Beautiful Bill Act, which was recently signed into law, offers Americans a number of tax benefits. It makes many of the changes from the Tax Cuts and Jobs Act (TCJA) ...

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 ...