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 ...

Most people claim the standard deduction on their federal tax return instead of itemizing deductions. How much can you claim?

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 ...

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.

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 ...

Elysse Bell is a finance and business writer for Investopedia. She writes about small business, personal finance, technology, and more. Giselle M. Cancio has over 10 years of editorial experience and ...

Editor's note: A version of this article was initially published on Jan 10, 2019. It is part of the 2020 Tax and IRA Guide. Question: If I opt to take the standard deduction, can I deduct anything ...

Standard deduction vs. itemized deductions Claiming the standard deduction is certainly easier. To itemize, you need to keep track of what you spent during the year on deductible expenses like ...