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Should I itemize my taxes?

Depending on your situation, you could save more by skipping itemizing and taking the standard deduction.

Tags: Taxes, Personal finance , Planning
Published: August 17, 2021

A tax deduction decreases your taxable income, which in turn can lower your tax bill. There are generally two ways you can claim deductions on your federal income tax return: you can itemize deductions, or you can take the standard deduction.

A review of the standard deduction amount and what qualifies for itemizing can help you determine which is right for you.

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Tax planning shouldn’t be a once-a-year activity. Consider these 6 year-round tax tips that could help lower your tax bill in April.

 

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