Generally, a standard deduction is the best choice for taxpayers whose total itemized deductions do not add up to more than ...

The standard deduction is a flat dollar amount the IRS sets based on your filing status. It’s the simplest way to reduce your taxable income on your tax return. In fact, Congress created the ...

If you're in college, money is likely tight. You can generally file your taxes for free if you have a straightforward return. Taxpayers with adjusted gross incomes of $84,000 or less can prepare and ...

The IRS typically adjusts the standard deduction each year for inflation. The amount a filer qualifies for depends on filing status, whether the taxpayer is 65 or older, if the filer is blind and ...

For example, the partnership may discover, after the filing, that it erroneously omitted income or failed to claim deductions that it was entitled to claim. Under the BBA audit rules, a ...

Americans will be able to start filing their tax returns for 2024. The earlier you file, the quicker you tend to get a tax refund if you're owed one, but there are special rules about the schedule ...

It's about rules and applying the rules that's beneficial to you and keeping your tax obligations low,” Mayfield said. While many people opt for online filing services, Mayfield says they should ...