Our opinions are our own. Here is a list of our partners and here's how we make money. Itemized deductions are IRS-allowed expenses that can directly reduce your taxable income. You may consider ...

Not every type of tax deduction is an itemized deduction. To be an itemized deduction, your expense must fall into one of ...

State and local taxes you pay are deductible if you itemize on your federal income tax return. But the Tax Cuts and Jobs Act of 2017 capped the state and local tax (SALT) deduction at $10,000 for ...

The key word here is itemized: To be able to deduct donations ... on Schedule A of IRS Form 1040 instead of using the standard deduction. Here is how to assess your options and pick the best ...

To claim the mortgage interest deduction, you have to itemize deductions. That means your total itemized deductions — including out-of-pocket medical expenses, state and local taxes, deductible ...

Read on to discover the pros and cons of a standard deduction vs. itemized deduction to decide which approach is best for you. To compensate for the loss of personal exemptions, the standard ...

After all sources of income are tallied on a tax return, the taxpayer can choose either the standard deduction or file itemized deductions. These deductions lower your taxable income and ...

The standard deduction is a fixed dollar amount that reduces your taxable income. Itemized deductions can also reduce your taxable income, but the amount varies and is not predetermined.

When tackling your taxes, it can sometimes be hard to figure out whether to itemize or opt for a standard deduction.

A charitable donation tax deduction might allow you to give to a good cause and lower your tax bill at the same time. And with the holiday season upon us, you might feel that now is the best time ...

Many charities accept vehicle donations. You just need to find a legitimate charity that qualifies for a charitable contribution deduction, has a mission you believe in and uses its donations ...

A deduction cuts the income you're taxed on, which can mean a lower bill. A credit cuts your tax bill directly. Learn more about common tax breaks and how to claim them. Many, or all, of the ...