The standard deduction is bigger than ever, itemizing rules have changed, and new deductions complicate matters. Here’s how to choose the option that’s best for you.

The IRS allows you to claim deductions that reduce the amount of tax you owe. Those deductions either are itemized deductions ...

Many taxpayers will itemize deductions again on their 2025 federal tax return due to changes affecting the SALT deduction (State and Local Tax deduction). In this clip, we explain why ...

Itemized deductions and the standard deduction are two options that taxpayers can choose when filing their tax returns. The choice affects how much taxable income is reduced, potentially influencing ...

While you don't have much choice when it comes to paying taxes, you can benefit from significant deductions that reduce the amount you owe Uncle Sam. Deductions shield a portion of your earnings from ...

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 ...

Can you claim the home office tax deduction this year?

Claiming the standard deduction is easier because you don’t have to keep track of what you spent, or hold on to supporting documents like receipts, bank statements, medical bills and tax forms.

According to the IRS, 87% of American taxpayers claim the standard deduction when filing their taxes, because it’s easy, there’s less paperwork to keep track of, and under President Trump’s Tax Cuts ...