IRS explains in Tax Tip 2025-40 as a homeowner what is deductible on Schedule A as an Itemized Deduction and what is not deductible. Owning a home costs money, but there are tax benefits available to help homeowners save on some of common costs of homeownership. Homeowners should review the tax deductions, programs and housing […]
An excellent article explaining the major differences between the Standard Deduction and Itemized Deduction (ID), and the individual components of the ID. You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough […]
In IRS FS 2024-11 the IRS discusses the differences between the Itemized Deduction and the Standard Deduction and the important details! A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay. Most taxpayers now qualify for the standard deduction, but […]
Protax explains the deductibility of interest as related to Mortgage interest, Investment interest Business interest, Student loan interest and Personal interest. Interest rates rise and fall periodically, but the tax rules for deducting interest expenses remain the same — unless Congress changes them. Generally, the current rules have been in place for years, although the Tax
In IRS Tax Tip 2023-03 the IRS discusses the differences between the Itemized Deduction and the Standard Deduction. One of the first decisions taxpayers must make when completing a tax return is whether to take the standard deduction or itemize their deductions. There are several factors that can influence a taxpayer’s choice, including changes to […]
How the TCJA 2017 act severely limited Itemized Deductions starting on January 1, 2018, while eliminating the phaseout entirely. Gone are unreimbursed employee expenses, investment expenses and personal casualty & theft losses unless the casualty is declared a federal disaster area by the President, the SALT deduction is limited to $10,000 ($5,000 if married filing […]
Just when you thought that the recent The Tax Cuts and Jobs Act of 2017 prevented claiming home equity line of credit (HELOC) interest, think again! The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers […]
Most taxpayers claim the standard deduction vs. itemized when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways. The IRS Offers the Following Six Tips to Help Taxpayers Decide 1. Use IRS […]
Itemized deductions may reduce your tax bill. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. Many taxpayers claim the standard deduction, but you might pay less tax if you itemize. Here are some IRS tax tips you
Most people claim the standard deduction when they file their federal tax return, but you may be able to lower your tax bill if you itemize. You can find out which way saves you the most by figuring your taxes both ways. The IRS offers these six tips to help you choose: 1. Use IRS Free
