Want a Bigger Refund? Check Out Above-the-Line Deductions
The standard deduction has been almost doubled this year, and above-the-line deductions stack!
ReadItemized deductions are tax breaks listed out and claimed collectively on Schedule A of your tax return. Common itemized deductions include charitable contributions, state and local income taxes, property taxes, mortgage interest and unreimbursed medical expenses. While these deductions can provide a tax break for some filers, many people don’t have enough individual deductions to help lower their tax bill. Unless the sum total of your itemized deductions is more than the standard deduction for your filing status, choosing the standard deduction is easier and worth more as a tax break.
You got it. We’re always here to help.