The One Big Beautiful Bill Act will impact the way you pay taxes this year, especially if you plan to use itemized deductions ...

Available even if you have no deductible expenses. Itemized deductions allow taxpayers to subtract specific expenses from ...

Taxpayers who have a home mortgage can take advantage of this itemized deduction that allows them to reduce taxable income each year they pay interest toward the loan. The deduction is capped at ...

Anything else is a hobby.) In addition, there are some taxpayers who are not allowed to claim the standard deduction; therefore, they must itemize their deductions. They include: ...

The 2023 standard deduction is $13,850 for single taxpayers ($20,800 if you’re filing as head of household), $27,700 for married taxpayers, and slightly more if you’re over 65.

To claim itemized deductions, you must list your itemized deductions on your income tax return, add them up and include the total amount. This amount is then subtracted from your income.

July 4 marked more than just Independence Day this year — it marked the signing of the One Big Beautiful Bill, the most significant tax reform since the Tax Cuts and Jobs Act.