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The 2017 Tax Cuts and Jobs Act changed the rules when it comes to standard vs. itemized deductions by nearly doubling the standard deduction and eliminating or cutting back many itemized ...
When you file your tax return, you can use the standard deduction or claim itemized deductions. ... Tax-filing checklist: Key documents you may need to gather. Form W-2, which your employer will ...
You’ll report the expenses on Schedule A, Itemized Deductions when filing your income tax return. Doing the math The Internal Revenue Service encourages taxpayers to file their returns online to ...
The taxpayer must have maintained the records required to substantiate the itemized deductions. If the amounts of the itemized deductions and the standard deduction do not differ much, the taxpayer may take the standard deduction to reduce the possibility of adjustment by the Internal Revenue Service (IRS). The amount of the standard deduction ...
How much tax you owe depends on your income, but the federal government, through the Internal Revenue Service, allows you to claim deductions that reduce your taxable income and the amount of tax ...
Some examples of itemized deductions are home mortgage interest, state and local income taxes or sales taxes, real estate and property taxes, gifts to charities, casualty and theft losses due to a ...
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