Itemized deduction是分项抵扣,纳税人可以按照IRS规定的项目抵扣自己在纳税年度的花费,这个概念是跟standard deduction相对的(标准抵扣的金额是固定的,每种filing status的standard deduction的金额IRS都有明确规定)。两种抵扣方式纳税人只能二选一,一般情况下,如果纳税人花费的多,那么选择itemized deduction可以多抵扣少缴税,...
Itemized deduction是分项抵扣,纳税人可以按照IRS规定的项目抵扣自己在纳税年度的花费,这个概念是跟standard deduction相对的(标准抵扣的金额是固定的,每种filing status的standard deduction的金额IRS都有明确规定)。两种抵扣方式纳税人只能二选一,一般情况下,如果纳税人花费的多,那么选择itemized deduction可以多抵扣少缴税,...
The pressure of a looming tax deadline may make it easier to take the standard deduction rather than itemize your deductions, but you should weigh this question carefully. Here are a few key areas to consider — including charitable donations, medical de
Total up the itemized deductions Now that you’ve identified your allowed itemized deductions, add up the categories. How did you do? Are you over or under the standard deduction listed on your tax form? If you’re under, the IRS recommends that you take the standard deduction. If you’re...
Standard deduction vs. itemized deductions Claiming the standard deduction is certainly easier. To itemize, you need to keep track of what you spent during the year on deductible expenses like out-of-pocket medical expenses and charitable donations. You also need to maintain supporting documentation,...
Both the standard deduction and itemized deductions reduce the amount of tax you pay in a given year. So which is better? Should you itemize or should you keep things simple and take the standard deduction? We explain when each option makes sense. ...
When filing your income taxes, there are two options to consider: taking the standard deduction or itemized tax deductions. The difference between the standard deduction vs. itemized deductions comes down to simple math. The standard deduction lowers your income by one fixed amount. On the other ...
The article focuses on interaction between the alternative minimum tax (AMT) and the choice between itemized deductions and the standard deduction. Topics discussed include dependence of the amount of the standard deduction on the...
s that reduce a taxpayer's taxable income, thereby lowering the amount of income subject to taxation. They can include various expenses such as mortgage interest, medical expenses, charitable contributions, and certain business expenses, either through itemized deductions or the standard deduction....
You'll be allowed to take a standard tax deduction even if you don't have expenses that qualify you to make itemized deductions. “You get the deduction even if you don’t own a home or donate to charity,” says Abby Donnellan, a CPA and senior tax strategist with the CWC...