standard deduction

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

4 tax breaks for teachers

The flood of education-related tax advice that seems to crest during back-to-school season often centers on students or their parents. But teachers can score a few tax breaks, too — if they do their homework. Three tax pros share their own lesson plans for cutting teachers’ tax bills. Educator Expense Deduction WHAT IT IS: A … Continue reading 4 tax breaks for teachers