News / Article

You Can Claim These 4 Tax Deductions Even if You Don't Itemize

Source: fool.com - Mar 23, 2020

Taxpayers will have more time to do their taxes this year because the deadline to file a return and pay federal taxes has been extended to July 15 due to the COVID-19 coronavirus crisis. And while you have more time to pay, you still want to make sure you're paying as little as possible by making smart choices about deductions you claim.

Taxpayers have the option to itemize on their tax returns. Itemizing means claiming specific deductions, rather than the standard deduction every taxpayer is eligible for.

For many people, itemizing isn't the right move because the standard deduction nets more tax savings. If you're one of them, you may feel disappointed about losing the chance to take specific deductions. The good news: There are some you can still claim even if you don't itemize. Here are four of them.

click source to read article

Category: General Business