Claiming the standard deduction is easier, because you don’t have to keep track of expenses. The 2023 standard deduction is $13,850 for single taxpayers ($20,800 if you’re filing as head of household) ...
According to the IRS, 87% of American taxpayers claim the standard deduction when filing their taxes, because it’s easy, there’s less paperwork to keep track of, and under President Trump’s Tax Cuts ...
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Average Itemized Deductions in Some States Reach Over $50k. Are You Getting the Most Out of Your Tax Return?
Should you itemize your taxes? Most taxpayers take the standard each year. The Tax Policy Center estimates that only about 10 ...
As the April 15 tax deadline approaches, here’s what you need to know about claiming deductions on your tax return. The standard deduction is a flat-dollar reduction to your adjusted gross income (AGI ...
HUNTSVILLE, Ala. (WAFF) - The One Big Beautiful Bill Act will impact the way you pay taxes this year, especially if you plan to use itemized deductions. Financial expert Jay McGowan from the Welch ...
Tip: Compare your mortgage interest, points, and mortgage insurance premiums to your standard deduction. If the total is larger than your standard deduction, there's a good chance you would benefit ...
How much tax you owe depends on your income, but the federal government, through the Internal Revenue Service, allows you to claim deductions that reduce your taxable income and the amount of tax you ...
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