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

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

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.