Page 7 - Individuals Reference Guide
P. 7
Deductions Your Deductions
for - Deductions reduce the amount of taxable income
when filing a federal income tax return. In other
words, they can reduce the amount of tax someone
Individuals owes.
- Most taxpayers have a choice of either taking the
standard deduction or itemizing their deductions. The
standard deduction may be quicker and easier, but,
itemizing deductions may lower taxes more, in some
situations. It's important for all taxpayers to look into
which deduction method best fits them.
New This Year
Following tax law changes, cash donations of up to $300
made by December 31, 2020 are deductible without
having to itemize when people file a 2020 tax return.
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