What You Need to Know about Tax Deductions

St. Joseph News-Press, November 28, 2012 | Go to article overview

What You Need to Know about Tax Deductions


(BPT) - You probably know tax deductions are an important part of your income tax return and that you want as many as possible. But do you understand how deductions actually save you money or how to determine which ones you can claim on your tax return?

"Simply put, deductions lower the amount of your taxable income,' explains Jessi Dolmage, spokesperson for TaxACT, makers of popular tax-preparation software. "The more deductions you have, the less tax you pay.'

Knowing which deductions you qualify for and whether you should itemize is easy with do-it-yourself tax preparation products. Dolmage says: "The program eliminates the guess work. Answer simple questions about deductions and it will tell if you're better off itemizing or taking the standard deduction. It also checks for errors and offers one-on-one tax help every step of the way.'

You have the choice of claiming the standard deduction or itemizing deductions on your tax return, but you should choose whichever amount is higher.

Nearly two out of three taxpayers claim the standard deduction. Amounts are adjusted for inflation each year, vary by filing status and are higher for those 65 and older or who are legally blind. For 2012 federal tax returns due April 15, 2013, standard deduction amounts are:

* $5,950 for single or married filing separately

* $11,900 for married filing jointly and qualifying widows(ers)

* $8,700 for head of household

If you itemize, your deductions are listed separately on your tax return. Itemized deductions are reported on Schedule A and can only be filed with long Form 1040. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

What You Need to Know about Tax Deductions
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.