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Tag: 2020 tax season

Posts Tagged ‘2020 tax season’

The 2020 Tax Season Starts January 27, 2020!

Posted by Manisha Hansraj on January 13, 2020
Last modified: January 13, 2020
2019 tax return

The 2020 tax season starts on January 27, 2020. January kicks off the new year and with a new year, comes a new tax season. Get a fresh start by finding out the new tax changes for your 2019 tax return.

Additionally, check out some tax reminders below.

Tax dates to remember

It’s important to set a reminder whether it’s your phone or calendar.

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Tax Deductions: Choosing to Itemize or Claiming the Standard Deduction

Posted by Manisha Hansraj on January 3, 2020
Last modified: January 3, 2020

Trying to understand anything tax related makes you feel like you’re back in grade school.

However, it doesn’t have to be difficult. Here’s some sure-fire information that may help you out if you’re a first time filer, or if you have some general questions about claiming tax deductions.

What’s the difference between claiming the standard deduction and itemizing deductions?

In general terms, a tax deduction is a certain amount you are allowed to exclude from your income. This means that you are taxed on a lower amount of income, and thus pay less in taxes.

While not as valuable as tax credits – which directly decrease your tax liability – deductions can still reduce your tax burden significantly.

There are two ways to claim deductions.

  1. Itemize deductions. Add up all of your allowable expenses and subtract them from your income.
  2. Claim the standard deduction. Deduct the basic amount available to everyone.

While preparing your taxes you need to figure out whether you get a bigger tax break from itemizing your deductions or claiming the standard deduction. Most people end up claiming the standard deduction, but some people have enough allowable expenses to make it worth their while to itemize deductions.

The Standard Deduction

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