Quickly determine if you should take the standard deduction or choose to itemize on your tax return.
Find out if you need to file Form 1040.
Itemized and standard deductions can be confusing – especially if you are relatively new to filing a tax return. Some people try to itemize when they are better off using the standard deduction. On the other hand, some taxpayers avoid itemizing because it seems too difficult — even when itemizing deductions could save them money. […]
The IRS isn’t cruel. It doesn’t want to tax every last cent you earn. In fact, it offers a standard deduction — a gift! — to all taxpayers based on their filing status. For the 2014 tax year, the standard deduction for a single filer under the age of 65 can automatically deduct $6,200 from […]
Are you asking for a receipt and itemizing your donations when donate to charities? You should be. Beyond the personal satisfaction of donating to charitable organizations, there could also be income tax benefits for your kind gestures. Generally, you can take a deduction for contributions of money or property that you make to a qualified […]
Can’t decide if you should have a garage sale to get rid of your excess stuff or just box it up and donate it? Not sure which option, in the end, will earn you the most money? There are a lot of people who enjoy taking a day to have a garage sale (or yard […]