Other deductions that you can claim without itemizing include educator expenses (for classroom supplies), student loan interest, and alimony you’ve paid. These deductions are called “above-the-line”deductionsand are a great way to reduce your tax bill. The “above-the-line” deductions can b...
Here are the benefits of itemized deductions: You can claim more expenses. You can save more money in taxes. You can claim more expenses. Mortgage interest, property taxes and medical bills are just a few of the expenses allowed with itemization. While some of these categories have...
Taxpayers are allowed by the IRS to either itemize deductions or take the standard deduction. Itemization takes place on Schedule A. Watch this video to find out more about itemizing deductions. Note: The information included in this video is specific to
If you’re on the cusp between the standard deduction and itemization, consider “bunching” your charitable contributions and claiming them during itemization years. What are tax deductions? Tax deductions are amounts that you subtract from your income before calculating your federal taxes. (They di...