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At tax time, one major decision can help you maximize your tax benefits: You can either itemize your deductions or take the standard deduction — but you can’t do both.
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 itemized ...
When you file your federal income tax return, you have two choices: take the standard deduction or itemize your deductions. Check Out: 8 IRS Secrets To Know for the 2023 Tax Filing SeasonMore: 3 ...
Per the Tax Cuts and Jobs Act of 2017, miscellaneous itemized deductions are not deductible for tax years 2018 to 2025.. For tax years before 2018: Miscellaneous itemized deductions are subject to a 2% floor, [5] a.k.a. the "2% Haircut".
It shields a portion of your earnings from income tax. While the standard deduction is the government's built-in subtraction that you can take while preparing your taxes, itemizing is composed of ...
State income or sales and local tax: Though the state and local tax (SALT) deduction was capped at a combined $10,000 as of 2017, this deduction is still available to those who itemize.
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