How much tax you owe depends on your income. However, the federal government, through the Internal Revenue Service, allows ...

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 ...

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?

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.