You Can Claim These Tax Deductions Without Itemizing!
To get most tax deductions you need to itemize expenses through a Schedule A to write off mortgage interest, real estate taxes, donations and some medical expenses. There are some deductions you can claim without itemizing your return. PennyGem’s Johana Restrepo has more.
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00:03 Tax deductions reduce your taxable income, so it's important that you claim as much as you can.
00:09 To get most tax deductions, you need to itemize expenses through a Schedule A
00:14 to write off mortgage interest, real estate taxes, donations, and some medical expenses.
00:21 There are some deductions you can claim without itemizing your return, according to Money Talks News.
00:27 The CARES Act, and an extension of the bill, allows taxpayers to claim a $300 deduction for single filers
00:34 and $600 for married couples filing jointly from donations made in 2020 and 2021.
00:41 If you made IRA or HSA contributions, you may be able to claim some of these.
00:46 Depending on your income, you may also be able to deduct student loan interest.
00:51 Educators who work at the elementary or secondary level can deduct up to $250 of expenses that now
00:59 include PPE like masks and sanitizer. According to NerdWallet, there are a lot of deductions
01:05 self-employed people can take advantage of. You just have to do a little research or ask your tax preparer.