The higher standard deduction could prevent you from itemizing some deductions. Here are popular tax breaks that you can claim without itemizing. ...
Business Pass-through Tax Deduction Without Itemizing. Certain businesses now have a deduction as part of the 2018 tax reform. The deduction is generally equal to 20% of their qualified business income (QBI). The deduction is known as a pass-through income deduction.
In this article, we'll explore some of the tax deductions that you can take without itemizing in 2024 and 2025. Now Trending: How to File an Amended Return Using Form 1040-X; ... (AGI). This includes expenses such as doctor’s visits, prescriptions, and medical equipment. You don’t need to itemize your deductions to claim this deduction, ...
If you have questions about tax deductions you can take without itemizing or how any of these deductions might apply to your tax return, please contact Cray Kaiser today. We’re here to help! Please note that this blog is based on tax laws effective in March 2021, and may not contain later amendments.
3. Archer MSA contributions Syda Productions / Shutterstock.com. Similar to a health savings account, an Archer medical savings account allows self-employed individuals and employees of small businesses to pay for qualified health care expenses with tax-free dollars.. You’ll need a qualified high-deductible health insurance plan to open an Archer MSA, and contributions up to 75% of your ...
If you want to make sure you're getting the most amount back as a refund as possible or paying only what you're obligated to pay, here are eleven deductions you can take without having to itemize. 11 tax deductions you can take without itemizing. Above-the-line tax deductions get their name from where they were found on the old Form 1040 ...
Tip: For tax years 2020 and 2021 only: Even if you don’t itemize deductions, you can still deduct up to $300 of cash charitable contributions on your 2020 tax return (the one you’ll file in 2021). You can claim an “above-the-line” deduction on Schedule 1.
Learn about the tax deductions that you can claim without itemizing, such as self-employed health insurance, IRA contributions, student loan interest, and alimony. Find out which deductions were eliminated by the TCJA and how to keep good records.
1. IRA contributions. Traditional IRA contributions are tax deductible up to each year's maximum allowable limit. For both the 2020 and 2021 tax year, that means you can deduct up to $6,000 in IRA ...
While itemizing deductions can often yield significant tax savings, not everyone has enough eligible expenses to make it worthwhile. However, you can still benefit from various tax deductions without the need to itemize your deductions. In this article, we’ll explore some of the tax deductions you can claim without itemizing.
The standard tax deduction is used by most filers. The amounts are substantial, thanks to the increases of the Tax Cuts and Jobs Act (TCJA) of 2017. Plus, it’s easy to claim. The standard amount for each filing status is listed directly on Form 1040. See more tax forms and more about them at Tax Forms 2024 and Tax Forms 2025. But that doesn’t mean you should stop looking for deductions ...
The big drop in itemized returns can be attributed to the Tax Cuts and Jobs Act of 2017, which raised the standard deduction dramatically starting in tax year 2018. In the 2023 tax year, individuals can claim a $13,850 standard deduction, and married couples can claim $27,700. Those who file as head of household can claim $20,800.
Taking deductions when filing your taxes can reduce the amount you owe. But there are two different ways to claim deductions, and the one you choose can impact how much you save. The far more ...
Let’s explore 12 tax deductions you can claim in your returns without itemizing. Educator Expenses Image Credits: Thirdman from Pexels via Canva.com You can claim educator expenses if you’re an eligible educator, like a teacher, instructor, principal, or counselor having served at least 900 hours a school year.
For those who have adopted a child, the adoption credit can provide significant tax relief. This credit helps offset the costs of adoption, and you don’t need to itemize deductions to claim it. For 2024, the maximum adoption credit is $15,960 per child, which can make a big difference for adoptive families.
Most taxpayers have always used the standard deduction amount. That group of filers grew even more after the enactment of the Tax Cuts and Jobs Act (TCJA) of 2017, which dramatically increased the standard amounts. But even if you find the easier standard deduction option the way to file, stop. You might be missing some tax breaks that are available to every taxpayers, both those who claim the ...
If you want to boost your tax return in 2024 without having to go through a lot of pain, here are six effortless tax deductions you don’t have to itemize.. 1. Traditional IRA Contributions. You can deduct contributions to traditional IRAs up to an annual limit set by the IRS. As MoneyTalksNews reported, for the 2023 tax year — the one due in spring 2024 — workers younger than age 50 can ...
