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The 2017 Tax Cuts and Jobs Act changed the rules when it comes to standard vs. itemized deductions by nearly doubling the standard deduction and eliminating or cutting back many itemized ...
One spouse cannot claim the standard deduction if the other itemizes. Related: 9 Tax Tips Every Married Couple Must Know. 2. Worst: Some Itemized Deductions Are Disallowed With Alternative Minimum Tax
How much tax you owe depends on your income, but the federal government, through the Internal Revenue Service, allows you to claim deductions that reduce your taxable income and the amount of tax ...
Under United States tax law, itemized deductions are eligible expenses that individual taxpayers can claim on federal income tax returns and which decrease their taxable income, and are claimable in place of a standard deduction, if available. Most taxpayers are allowed a choice between itemized deductions and the standard deduction. After ...
Common Itemized Tax Deductions . Even though there was a major overhaul to tax deductions recently, there are still plenty of ways to reduce your taxable income in addition to those mentioned above.
Karen Roach/Shutterstock Just less than one in three taxpayers claim itemized deductions on their tax returns, with the vast majority choosing instead simply to take the standard deduction ...