Articles related to "Standard Deduction"

Learn about itemized deductions. Who should itemize instead of claiming a standard deduction? Form 1040 & Schedule A will be required for these tax deductions.

How do taxpayers decide if they should take the standard deduction or itemize on the Schedule A Form of their 1040 Income Tax Returns? Here is an overview of the process.

The United States IRS offers a deduction for home mortgage interest. Does it make sense to buy a home just to benefit on the tax savings or save money on rent?

Using discretion when recognizing income and paying expenses can help reduce payouts and maximize refunds on United States income taxes.

Taxpayers need to be able to understand tax terminology concerning exemptions, deductions and credits to get the full amount of their refunds.

The Internal Revenue Service allows a tax deduction for state and local taxes if a taxpayer itemizes. Knowing the rules can increase refunds.

Huge unreimbursed medical costs may be deductible on a taxpayer's income tax return and could reduce the tax bill. Here is the way to determine if they are deductible.

Learn what itemized deductions can save taxpayers money if they exceed the Standard Deduction on Schedule A on the Internal Revenue Service Form 1040.

With tax season just around the corner, it is important that newlyweds understand how their new tax status will affect their finances.

Learn how to get a tax write-off for donating cars to local charities and other qualified organizations.

The time to start preparing for filing federal and state income taxes is before the end of the year. It is never too early to begin the organizing and planning process.

Taxpayers can still get a deduction for donating a vehicle to charity, but are limited to the fair market value for that particular car or boat.

AMT started as a tax for the rich, but is now hitting middle class taxpayers. Here's a look at what triggers it, how it's calculated, and strategies for mitigating it.

Purchase qualifying auto (car, truck, motorcycle, motorhome) in 2009 to claim new car tax deduction. Deduct local & state taxes on IRS return per economic stimulus plan.

Rising costs have been a major trend in health care over the past several years. The high costs of health care is an important element in the current health care debate.

Taxes that were used to raise money for the Wars were later repealed and would later be replaced by the income tax.

Once considered a long short for the GOP nomination, former Arkansas Governor Mike Huckabee is gaining in the polls and becoming the darling of political conservatives.

For income tax purposes, there are substantial benefits of claiming a dependent. Using a dependent exemption reduces tax liability and can potentially increase a refund.

Deciding which filing status to use is one of the most important aspects of filing a federal income tax return. Using the right filing status reduces tax liability.