Not to start another tax thread, but well anyway. Couple of questions about Schedule A which is for Itemized Deductions.<BR><BR>- State and local income taxes (line 5). The instructions say you can ...

Starting in 2026, the new deduction will enable the estimated 90% of household using standard deductions to get a deduction ...

Question: During 2022, I donated $1,500 to my church and clothing valued at $500. Even though I generally do not itemize my deductions, can I still get some tax benefit for this donation on my 2022?

Don’t let Uncle Sam take more of your hard-earned money than he needs to. Learn about deductions and how to use them to reduce your tax bill. The standard deduction is a set amount that taxpayers can ...

Congress enacted the alternative minimum tax (AMT) provisions found in IRC sections 55 to 59 to establish a floor so individuals would pay some tax regardless of the exclusions, deductions and credits ...

The nationwide tax filing deadline is just one day away on Tuesday, April 15. If you've left your filing to the last minute and need a refresher, Newsweek has broken down everything you need to know ...

A tax deduction is a provision in the tax code that reduces a person’s taxable income, or the amount of income used to calculate how much tax they owe. Taxpayers can choose to receive a standard tax ...

Question: Is it worth going through the effort of adding up all my out-of-pocket medical expenses, charitable contributions and other items or should I just take the standard deduction for 2024?