Can I itemize deductions on my tax return?

/ Posts Tagged "mortgage interest"

Can I itemize deductions on my tax return?

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February 25, 2025 , , ,

itemized deductions

You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the year exceeds your standard deduction allowance for the year. Otherwise, you must claim the standard deduction.

Here’s how we’ll determine if you can itemize or not for 2024 when we prepare your return.
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4 ideas that may help reduce your 2023 tax bill

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December 6, 2023 , ,

2023 tax

If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year end.

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Home is where the tax breaks might be

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March 3, 2020 , ,

mortgage interest deduction

If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true.

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Some of Your Deductions May be Smaller (or Nonexistent) When You File Your 2018 Tax Return

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March 4, 2019 , , , , ,

2018 tax deductions

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return:
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