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 itemize. According to tax pros, itemizing generally only makes sense if your itemized ...

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 ...

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.

Editor’s Note: The 2017 tax reform legislation suspended many itemized deductions for tax years beginning after 2017. Among those suspended were deductions for: casualty and theft losses (exceptions ...