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Taking the Standard Deduction might be easier, but if your total itemized deductions are greater than the Standard Deduction available for your filing status, saving receipts and tallying those expenses can result in a lower tax bill.
The choice between standard deduction vs. itemized deductions comes down to claiming a flat dollar amount determined by the IRS or what you actually spent.
As taxpayers begin to think about filing their tax return, here are some things they should know about standard and itemized deductions. Standard deduction. The standard deduction amount increases slightly every year. The standard deduction amount depends on the taxpayer's filing status, whether they are 65 or older or blind, and whether ...
The difference between a standard deduction and an itemized deduction is that a standard deduction is a lump sum you can subtract from your taxable income, but an itemized deduction is an expense you can subtract from your taxable income.
Most taxpayers now qualify for the standard deduction, but there are some important details involving itemized deductions that people should keep in mind. The standard deduction is a specific dollar amount that reduces the amount of taxable income.
Itemizing is composed of individual deductions that, together, can help lower the amount of taxable income you pay. Read on to discover the pros and cons of a standard deduction vs....
The difference between the standard deduction vs. itemized deductions comes down to simple math. The standard deduction lowers your income by one fixed amount. On the other hand, itemized deductions are made up of a list of eligible expenses.