Itemized deductions are tax deductions for specific expenses. When they add up to more than the standard deduction, itemized deductions can save more on taxes.

In our latest Ask the Editor round-up, Joy Taylor, The Kiplinger Tax Letter Editor, answers four questions on deductions, tax ...

That means, the person who earned $50,000 and contributed $5,000 to her 401(k) will pay taxes on $30,000 ($50,000 minus the $15,000 standard deduction minus the $5,000 retirement contribution ...

The amount of the standard deduction is predetermined by the IRS and available to most taxpayers regardless of whether they qualify for any specific tax deductions. Itemized deductions require the ...

You should take itemized deductions only if your total tax-deductible expenses add up to more than the standard deduction for that tax year. If you do itemize your deductions, be sure to keep all ...

If the House provision is enacted, the SALT cap would rise to $40,000, up from $30,000 in the previous plan, and phase out over $500,000.

Learn about tax deductions, what you can deduct, and how deductions work to lower your taxable income. Maximize your tax savings with our comprehensive guide.

As Maryland faces what may be unprecedented fiscal deficits, Governor Moore proposes eliminating itemized tax deductions while claiming he will lower taxes for middle class taxpayers (“Gov. Wes ...