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 ...

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 ...

FAQs The mortgage interest deduction allows you to deduct a portion of the interest on a mortgage for a primary or secondary home. You'll have to file an itemized return to claim the deduction and ...

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

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 ...

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

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.

Input the total of your itemized deductions, such as mortgage interest, charitable contributions, medical and dental expenses, and state taxes. If your total itemized deductions are less than the ...

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 ...

Input the total of your itemized deductions, such as mortgage interest, charitable contributions, medical and dental expenses, and state taxes. If your total itemized deductions are less than the ...