Articles related to standard deduction
Reducing Taxable Income With Standard Deduction
Everyone is entitled to reduce their taxable income by utilizing either the standard deduction or by itemizing their deductions. You always want to choose the ...
Preparing Your 1040 - Standard or Itemized Deductions?
Make the most of your tax deductions. Take the larger of your standard deduction or your itemized deductions. Tips for figuring your tax liability.
Married Filing Separately Status on Tax Returns - Tax Planning: U.S.
Additionally, MFS taxpayers must both claim the standard deduction or must both itemize their deductions. In other words, one MFS taxpayer cannot claim the ...
Deciding Between Itemizing and Standard Deduction
When it comes to reducing your tax burden, itemizing deductions may be the way to go. The standard deduction is certainly easier, and might be a better option if ...
Itemized Deductions for Form 1040 Schedule A - Tax Planning: U.S.
Itemized deductions refers to a group of tax deductions found on Form 1040 Schedule A. People can claim either the standard deduction or choose to itemize ...
Reduce Your Income Taxes by Itemizing Deductions - Tax Time
Each year when you file your income tax return, you have to choose between using the standard deduction (a flat amount) or claiming your actual allowed ...
Adjustments to Income - Federal Tax Deductions - Tax Planning: U.S.
You can also take adjustments to income in addition to your standard deduction or itemized deductions. And most importantly, these deductions are not added ...
Federal Income Tax Deductions - Learn more about how Deductions ...
Taxpayers can opt to take a standard deduction (a flat dollar amount that reduces taxable income) or itemize their deductions instead. The standard deduction ...
Claiming Head of Household Filing Status - Tax Planning: U.S.
Taxpayers claiming the Head of Household filing status benefit from a higher standard deduction and lower tax rates than single taxpayers.
Standard Mileage Deduction - Business Mileage Deduction
Discusses benefits of actual expenses vs. standard mileage deduction.