What Does it Mean to Itemize Your Deductions?
You have more time to file your tax return this year, as the tax deadline has been extended to July 15, 2020 due to the coronavirus crisis.
Although you have a few extra months to file and pay 2019 taxes, you'll still want to minimize your bill. Claiming deductions can help, as they reduce the amount of your taxable income. If you have $50,000 in income but $15,000 in deductions, you pay taxes on only $35,000.
Naturally, you want the largest deduction possible so you're taxed on as little income as possible. To make that happen, you must decide if you're going to itemize or claim the standard deduction.
Source Fool.com
