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 ...

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 ...

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 ...

Add Yahoo as a preferred source to see more of our stories on Google. While you don't have much choice when it comes to paying taxes, you can benefit from significant deductions that reduce the amount ...

Can you claim the home office tax deduction this year?

Forbes contributors publish independent expert analyses and insights. I'm a trial attorney, law professor, and CPA. As the pandemic surges on, Congress is increasingly pressing for a new stimulus bill ...

Here's a list of federal tax deductions and credits that you can't claim in the 2026 tax year. High-income earners could also ...

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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 ...

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.