Itemized deductions and the standard deduction are two options that taxpayers can choose when filing their tax returns. The choice affects how much taxable income is reduced, potentially influencing ...

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 ...

About 144 million Americans may qualify for the 2026 universal charity deduction, while high earners face new IRS limits.

Tax deductions help keep more money in your pocket, and when it's time to file your return, there are typically two ways to take them the standard deduction, *** single fixed amount, or itemize all of ...

How much tax you owe depends on your income. However, the federal government, through the Internal Revenue Service, allows you to claim deductions that reduce your taxable income and the amount of tax ...

Itemizing is a way to pick and choose your tax deductions. Here's how it works and how to tell if it's for you. Many, or all, of the products featured on this page are from our advertising partners ...

NEW YORK — When tackling your taxes, it can sometimes be hard to figure out whether to itemize or opt for a standard deduction. According to tax pros, itemizing generally makes sense only if your ...