One of the biggest choices you face when you file your income tax return is whether to claim the standard deduction or to itemize in order to minimize your IRS payment. Some examples of itemized ...

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. "Imagine you have $100,000, and you get to make ...

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

Itemizing is a way to pick and choose your tax deductions. Here's how it works and how to tell if it's for you. Many, or all, of the products featured on this page are from our advertising partners ...

Discover what medical expenses are deductible, including examples like insurance premiums and prescriptions, and learn how ...

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 ...

For a long time, the standard deduction has been a straightforward option for many U.S. taxpayers. It allows most filers to reduce their taxable income without needing to itemize deductions. The ...

Even if you usually itemize deductions, your best bet may be to claim the standard deduction instead -- starting with the current tax year. The recent changes to the tax code via the tax reform bill ...

Usually, you should do whatever gives you the biggest break -- but there are some tricks. Taking all the deductions you can is essential to minimizing your tax bill. Itemizing your deductions can take ...