How much tax you owe depends on your income. However, the federal government, through the Internal Revenue Service, allows you to claim deductions that reduce your taxable income and the amount of tax ...

When tackling your taxes, it can sometimes be hard to figure out whether to opt for a standard deduction or to itemize. According to tax pros, itemizing generally makes sense only if your itemized ...

Taxpayers can reduce their IRS bill by deducting qualifying expenses from their taxable income. The easiest way to do that is to take the standard deduction, a flat rate offered to nearly all ...

Itemized deductions are specific expenses you can subtract from your taxable income to potentially lower your tax bill. In some cases, they can save you more than the standard deduction, especially if ...

This article is the first in a new column, Personal Financial Planning, covering the role of CPAs in advising individuals and ...

As you prepare to file your next tax return, should you do the same? Standard deduction vs. itemized deductions Claiming the standard deduction is certainly easier. To itemize, you need to keep track ...