Deducting Taxes Paid

When you file your 2015 federal income tax this year, you can take a standard deduction. For 2015, that’s $6,300 for single taxpayers and for married individuals filing separately; $12,600 for couples filing jointly and for certain widow(er)s; and $9,250 for those filing as heads of household. The beauty of taking the standard deduction is that it’s simple: There’s no need to gather information and scant risk of triggering an audit. However, taking the time to itemize deductions can be a tax saver. Read the entire article.