Tips for understanding the Standard deduction and Itemized Deduction
Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. If you have a choice, you can use the method that gives you the lowest tax. Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. Money paid for medical care, mortgage interest, taxes, charitable contributions, casualty losses and miscellaneous...
March 10th, 2010 by The Tax Man
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2008 Stabilization Act: Deduction for Educator Expenses
Teachers and other education workers, such as you, can deduct up to $250 of certain out-of-pocket classroom expenses from gross income. This deduction recognizes that many education professionals purchase classroom supplies with their own money. This popular deduction is now available for expenses incurred in 2008 and 2009. Married taxpayers who file joint returns are entitled to a total deduction...
January 2nd, 2009 by The Tax Man
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Property deduction for non-itemizers.
Significantly less complicated is a new standard property deduction for taxpayers who do not itemize deductions. Image by farlane via Flickr Before the new law, only itemizers could deduct state and local property taxes. The housing act gives non-itemizers a limited deduction for state and local property taxes by increasing the amount of their standard deduction by the lesser of the amount...
December 21st, 2008 by The Tax Man
