When filing your taxes, you can tackle your deductions in one of two ways. (You can’t do both.) This is an amount that anyone can claim in order to reduce their taxable income. For the 2019 tax year, it sits at $12,200 for individuals and $24,400 for married couples filing jointly.

How much can I deduct on my tax return?

The law limits the deduction of state and local income, sales, and property taxes to a combined, total deduction of $10,000. The amount is $5,000 for married taxpayers filing separate returns.

Are there any tax deductions for a small business?

The top 25 tax deductions for a small business in the 2019 – 2020 tax year detailed in the guide below can help business owners lower their income tax bills by claiming all the deductions relevant to their work. These top tax write-offs will help speed up the income tax filing process and reduce the amount you owe to the government in taxes.

Are there any tax deductions for alimony in 2019?

You can deduct them, however, if your divorce was finalized before 2019. Under the new law, alimony recipients also no longer have to report these payments as income. Also known as the shared responsibility payment, the individual mandate originally applied to people who did not get health insurance under the Affordable Care Act.

What kind of deductions can I take on my taxes for 2020?

These are common itemized deductions to consider in 2020: Charitable contribution deduction. Home interest deduction. Medical expense deduction. State and local tax deduction. Charitable contribution deduction. Filers who are charitably inclined may deduct donations given to qualified charitable organizations.

Is the medical deduction going to return in 2020?

However, the medical deduction threshold is set to return to 10% of AGI starting with the 2019 tax year. So when you file your 2019 tax return in 2020, you’ll use this higher percentage to determine whether you qualify for the deduction.

Are there any mortgage interest tax deductions for 2019?

In December 2019, Congress extended the law that allows insurance payments to be treated as mortgage interest for tax-deduction purposes. But watch out if you count as someone with a higher income (above $54,500 for individual filers, or $109,000 for married couples). You may not get your deductions.