What Are Itemized Tax Deductions? TurboTax Tax Tip Video
34.8 هزار بار بازدید -
8 سال پیش
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https://turbotax.intuit.com What Are Itemized Tax Deductions? The IRS gives you two different options when it comes to claiming deductions on your tax return. You can take the standard deduction or you can itemize your deductions. The standard deduction is simple, but itemizing your deductions may help to maximize your tax savings. Find out more about which option may be best for you with this helpful TurboTax tax tip video.
Note: For tax years beginning 2018, the 1040A and EZ forms are no longer available. They have been replaced with a new 1040 form.
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Video Transcript:
Hi, I'm Arye from TurboTax with some helpful information about itemized tax deductions.
The IRS gives you two different options when it comes to claiming deductions on your tax return. You can take the standard deduction or you can itemize your deductions.
The standard deduction is a flat amount set by the IRS for each filing status that you can deduct from your taxable income. The standard deduction is simple, but may not allow you to maximize your tax savings.
Itemized tax deductions are individual expenses you can claim to decrease your taxable income. Added up together, they can add up to more than your standard deduction and potentially save you a lot on your taxes.
There are a wide range of deductible expenses such as mortgage interest, state and local property and income taxes, medical expenses and charitable contributions. Total your eligible expenses up and compare that total to the standard deduction.
You should only itemize your deduction if it ends up higher than the standard deduction.
If you decide to itemize, you'll need to fill out a Schedule A attachment with your tax return. Note that you'll need to file on a standard Form 1040, as forms 1040EZ and 1040A don’t allow itemized deductions.
With TurboTax, we’ll ask simple questions and fill out the right forms for you.
For more information about this and other tax topics, visit TurboTax.com.
Note: For tax years beginning 2018, the 1040A and EZ forms are no longer available. They have been replaced with a new 1040 form.
Subscribe! https://www.youtube.com/subscription_...
TurboTax Home: https://turbotax.intuit.com
TurboTax Support: https://ttlc.intuit.com/
TurboTax Blog: http://blog.turbotax.intuit.com
TurboTax X: Twitter: turbotax
TurboTax Facebook: Facebook: TurboTax
TurboTax Pinterest: Pinterest: turbotax
TurboTax Tumblr: Tumblr: turbotax
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Video Transcript:
Hi, I'm Arye from TurboTax with some helpful information about itemized tax deductions.
The IRS gives you two different options when it comes to claiming deductions on your tax return. You can take the standard deduction or you can itemize your deductions.
The standard deduction is a flat amount set by the IRS for each filing status that you can deduct from your taxable income. The standard deduction is simple, but may not allow you to maximize your tax savings.
Itemized tax deductions are individual expenses you can claim to decrease your taxable income. Added up together, they can add up to more than your standard deduction and potentially save you a lot on your taxes.
There are a wide range of deductible expenses such as mortgage interest, state and local property and income taxes, medical expenses and charitable contributions. Total your eligible expenses up and compare that total to the standard deduction.
You should only itemize your deduction if it ends up higher than the standard deduction.
If you decide to itemize, you'll need to fill out a Schedule A attachment with your tax return. Note that you'll need to file on a standard Form 1040, as forms 1040EZ and 1040A don’t allow itemized deductions.
With TurboTax, we’ll ask simple questions and fill out the right forms for you.
For more information about this and other tax topics, visit TurboTax.com.
8 سال پیش
در تاریخ 1395/10/22 منتشر شده
است.
34,858
بـار بازدید شده