plus one additional standard deduction of $1,950 for being a single filer over age 65. Her total standard deduction amount will be $16,550. For 2025, assuming no changes, Ellen’s standard ...

The standard deduction for tax year 2024 is $14,600 for a single taxpayer. So if your total deductions — including medical bills — are less than $14,600, it's not worth itemizing. If they ...

If your itemized deductions total less than the amounts listed above, the standard deduction is likely your best option. If your deductions exceed the standard deduction, read on to discover some ...

Itemizing deductions is beneficial if total deductions exceed the standard amount. IRA contributions are above-the-line deductions affecting gross taxable income. Key findings are powered by ...

You may need to file a Schedule A if you want to deduct mortgage interest, charitable donations or other expenses. Many, or all, of the products featured on this page are from our advertising ...

It's a good time to be an older American, at least for taxes. There are two items that only older adults can use to save a little this year and, maybe, a little extra next year on taxes.

However, this deduction falls under the state and local tax (SALT) cap, which limits total deductions for state and local taxes, including property and income taxes. The cap is $10,000 for single ...

which can mean a lower total tax bill. Here's an example of a mortgage interest tax deduction in action: Say you paid $20,000 in interest on your mortgage in 2024. If your yearly salary is $ ...