Standard deduction vs. itemized deductions What is the standard deduction? When taking the standard deduction is better Standard deduction: Pros and cons What are itemized deductions? When ...

there’s typically two ways to take them – the standard deduction, a single, fixed amount the IRS lets you deduct, or itemized deductions, where you add up qualifying costs with proof of expenses. If ...

I recommend that you do not be lazy and go through the effort of compiling your itemized deductions. Your efforts may be greatly rewarded!

The type of deduction you take can reduce your tax bill, or even determine how much you get back in refunds this tax season. But what is the difference between standard and itemized deductions?

Homeowners have two choices when claiming deductions to reduce their taxable income: the standard or itemized deduction. But ...

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 itemized ...

The Tax Cuts and Jobs Act of 27. nearly doubled the standard deduction and eliminated or capped many itemized deductions. They were things like investment related expenses, tax preparation.