Tax Tip 2021-22: Things taxpayers should know when choosing between standard and itemized deductions
Internal Revenue Service (IRS) sent this bulletin at 02/22/2021 10:13 AM EST
|
|||
Useful Links:News EssentialsThe Newsroom TopicsIRS Resources
|
Issue Number: Tax Tip 2021-22
Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes. New this year Here are some details about the two methods to help people decide deduction to take: Standard deduction Taxpayers benefit from the standard deduction if their standard deduction is more than the total of their allowable itemized deductions. They can use the Interactive Tax Assistant, How Much Is My Standard Deduction? to determine the amount their standard deduction and if they should itemize their deductions. Itemized deductions Tax software can guide taxpayers through the process of itemizing their deductions. Taxpayers who itemize file Schedule A, Form 1040, Itemized Deductions or Form 1040-SR, U.S. Tax Return for Seniors. A taxpayer may benefit by itemizing deductions if any of following apply to their tax situation, they:
Individual itemized deductions may be limited. Schedule A, Form 1040, Itemized Deductions can help determine what limitations may apply. More information:
Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message. |