If you’re preparing your taxes, you'll file federal income tax Form 1040. Because tax laws change often, Form 1040 might have ...

Itemized deductions and the standard deduction are two options that taxpayers can choose when filing their tax returns. The choice affects how much taxable income is reduced, potentially influencing ...

A classically trained French hornist by education, Nick Wolny is a managing editor at CNET Group, where he oversees the Perspectives franchise and written branded content across CNET Group's ...

Taxpayers can either itemize or take the standard deduction. They can’t do both. Many Taxpayers that were able to itemize deductions in prior tax years are unable to do so in Tax Year 2018 because the ...

How much tax you owe depends on your income. However, the federal government, through the Internal Revenue Service, allows you to claim deductions that reduce your taxable income and the amount of tax ...

Filling out tax forms may not be your idea of a great time. But if you want to learn how the new tax law will affect your personal finances, this year’s dreaded Form 1040 is a good place to start.

Maybe you’ve already filed your 2018 Form 1040. Or you soon will. Either way, let’s do a postmortem and find some ways to do a better tax-saving job this year (2019). One way to beat the system is to ...

Writing off an expense as a tax deduction is often framed as an easy way to put money back in your pocket — but it is a little more complicated than that. A tax deduction simply allows you to lower ...

One of the biggest changes that taxpayers faced last year as a result of tax reform was a new 1040 tax form. The IRS eliminated the popular 1040-EZ and 1040A short forms, requiring everyone to use the ...

Editor's note: A version of this article was initially published on Jan 10, 2019. It is part of the 2020 Tax and IRA Guide. Question: If I opt to take the standard deduction, can I deduct anything ...