Due to several related provisions in the TCJA, generally effective through 2025, more individuals claim the standard deduction in lieu of itemizing deductions. It has also increased the importance of planning the timing of certain itemized deductions for some taxpayers. For instance, you may want t...
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While you could always go out and try to file your taxes on your own, let’s face the facts and admit that you’ll feel more secure when you use tax software designed for individuals. There’s a much lower chance that you’ll forget something important when a program guides you through...
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Getting your maximum tax refund, even if 2024 tax changes don’t apply to you Did you answer “no” to the questions above? Fear not! You may still be able to lower your tax bill with other tax credits and tax deductions for 2024 with the expertise of H&R Block on your side. ...
Wider tax brackets, a higher standard deduction, and expanded saving opportunities may help create new tax-saving possibilities for 2024. Consider tax-planning strategies throughout the year, like maximizing credits and deductions and using tax-smart investing strategies. A tax advisor and financial pr...
Households can protect some of their income from tax by using either a standard deduction (In 2024, $14,600 for single taxpayers and $29,200 for married taxpayers) or by using itemized deductions (for things such as home mortgage interest, charitable contributions, and state and local taxes)...
December 23, 2024Hayden AdamsBeginner Learn the two main tax deduction types, how tax deductions work, and how they may or may not apply to you and your taxes. Tax deductions have long been near and dear to taxpayers because deductions provide a way to help reduce taxes. Tax deductions com...
Understanding Tax Deductions Individuals can take the standard deduction—which nearly doubled under theTax Cuts and Jobs Act—or itemize their deductions. Here's a rundown of the standard deduction amounts for the 2023 and 2024 tax years:23 ...
Tax deductions reduce your taxable income. When you prepare your tax return and are deciding on the standard deduction or itemized deductions, go the route that lowers your total taxable income the most. The single filer standard deduction for tax years 2024 and 2025 is $14,600 and $15,000...