Getting a Tax Perspective by Finding Your Effective Tax Rate
Your AGI is your adjusted gross income — a number you need to know if you’re planning on pursuing deductions. The quickest way for you to determine your AGI is to refer back to your last tax return. You [more…]
Deciding whether to Itemize Your Tax Deductions
What can you safely deduct on your taxes? You’re entitled to the larger of the standard deduction or your itemized deduction. If you don’t own a home or aren’t making large charitable contributions, you [more…]
Figuring the Fair Market Value of Charitable Contributions
If you itemize your tax deductions, you can claim charitable contributions you make. Knowing how to claim charitable contributions can get a bit sticky, but don’t worry. The process is easier than you [more…]
Should You Itemize or Take the Standard Deduction?
The rule for itemizing deductions on your income tax return is simple: You should itemize your deductions if your total deductions are more than the standard deduction. For each dollar that exceeds the [more…]
