An important decision to make when filing your individual income tax return is whether to claim the standard deduction or itemize deductions. A change under the One Big Beautiful Bill Act (OBBBA) will make it beneficial for more taxpayers to itemize deductions on their 2025 returns. Specifically, if you paid more than $10,000 in state
itemized deductions
Feb 19, 2026
Quadrupled SALT deduction limit means more taxpayers will benefit from itemizing on their 2025 returns
- By Victor Dozzi
- Deductions, Taxes
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Dec 16, 2020
Can you qualify for a medical expense tax deduction?
- By Joan Ellenbogen
- Taxes
- 0 Comments
You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. Itemizers must meet a threshold For
Apr 25, 2019
Casualty loss deductions: You can claim one only for a federally declared disaster
- By Ellenbogen
- Taxes
- 0 Comments
The rules for writing off personal casualty losses on a tax return have changed for 2018 to 2025. Specifically, taxpayers generally can’t deduct losses unless the casualty event qualifies as a federally declared disaster. (The rules for business or income-producing property are different.) Another factor that now makes it harder to claim a casualty loss