Sentences with phrase «standard tax deduction»

Did you know that there is an additional standard tax deduction for people over the age of 65 and / or those who are blind?

As for the rest of us... Well, any taxpayer who typically takes the standard tax deduction will benefit from it doubling.

If you qualify for the deduction, you can claim it even if you don't itemize your deductions and claim the standard tax deduction.

Your standard tax deduction amount is based on your filing status, and it is subtracted from your AGI (adjusted gross income).

If you do not qualify for the standard tax deduction, you may choose to itemize your deductions.

If you do not qualify for the standard tax deduction, you may choose to itemize your tax deductions.

The amount of your standard tax deduction is based on your filing status and it is subtracted from your AGI (adjusted gross income).

To benefit from itemizing a charitable donation tax deduction, your itemized deductions must be more than the standard tax deduction.

The standard tax deduction - what the IRS gives you even if you don't itemize - is $ 5,700 if you're filing as single and $ 11,400 for a married couple filing jointly.

The standard tax deduction will nearly double, which could save you a couple hundred bucks on future tax returns (household incomes of $ 50K — $ 75K are expected to save an extra $ 870 / per year).

Tax season pressure may tempt you to accept the standard tax deduction, rather than exploring the potential benefit of itemizing your deductions.

If you're 65 or older or blind, you get to increase your standard tax deduction by the amount listed below.

If you have a mortgage or home equity loan on your home, fill out Schedule A to see if your itemized tax deductions are larger than the standard tax deduction to which you're entitled.

If the interest you paid on your mortgage is larger than your standard tax deduction, you definitely benefit by itemizing — and all the rest of your deductible expenses (including real estate taxes, state and local income taxes, and charitable donations) are frosting on the cake.

As noted above, the standard tax deduction is based on your filing status (including single, married filing separately, married filing jointly, or head of household).

Are you going to take the standard tax deduction?

Understanding the standard tax deduction is very important so you can properly prepare an income tax return.

The standard tax deduction and exemption amounts are fixed by the government before the tax filing season and generally increase for inflation each year.

The standard tax deduction is a flat amount that the tax system lets you deduct, no questions asked.

While you may be interested in the standard tax deduction, there are several groups of people who are required to itemize.

Your standard tax deduction amount is based on your filing status, and it is subtracted from your AGI (adjusted gross income).

If you do not qualify for the standard tax deduction, you may choose to itemize your deductions.

Before you married, you may have elected to claim a standard tax deduction.

Besides this, the standard tax deductions can be claimed straightway and would not require any bills or proofs.

«The Republican tax plan calls for raising the standard tax deduction, which would lead to fewer households claiming the mortgage interest deduction (MID).

In June, NAR's Jamie Gregory told The Real Deal that doubling the standard tax deduction and cutting state and local tax deductions — which both bills propose — would effectively eliminate the mortgage interest deduction as an option for most homeowners.