Understanding Tax Deductions: Itemized vs. Standard Deduction

How To Reduce Your Tax Bill With Itemized Deductions | Bench Accounting

💡 Finally: it’s time to save some serious money. The 2025 tax changes are real—hello Schedule 1A and the new $40,000 SALT cap. ✅ No federal tax on overtime ✅ No federal tax on tips ✅ Interest paid on U.S. car loans still deductible ✅ Bigger breaks for seniors But here’s the game-changer if you live in a high tax state (California, New York, New Jersey … you feel me): With the SALT cap now bumped from $10,000 → $40,000, you can deduct far more of your state income tax property tax, and combine t

Standard Deduction :3 Types of Nonresident Aliens Can Claim It ? - Internal Revenue Code Simplified

How much can Jeff claim as an itemized deduction for taxes paid if he paid the following in 2019: (state income tax withheld of 5000; real estate taxes of3500; personal property taxes based on value of his car of 1000, state income tax owned for 2016 of450; and gas tax of 675)