itemized deductions

How taxpayers can deal with new state, local deduction caps

If you paid a lot of state and local taxes in 2018, buckle up this tax season — new laws cap how much of those payments you can deduct on your federal tax return. That means more of your income could be taxable this year. But before you worry too much, here are a few … Continue reading How taxpayers can deal with new state, local deduction caps

It may be time to stop itemizing your taxes

Around this time of year, many taxpayers begin the annual ritual of pondering The Big Question: Do I take the standard deduction or spend time hunting for receipts and filling out extra forms to itemize? The decision largely boils down to whether itemizing will reduce your taxable income more than the flat, no-questions-asked standard deduction … Continue reading It may be time to stop itemizing your taxes