To Itemize Deductions or not to Itemize Deductions - That is the Question
Before the Tax Cuts and Jobs Act of 2017 (TCJA), we used to be able to deduct all kinds of things and you really had to work and track expenses to optimize your tax savings. The Act simplified the tax code by getting rid of a lot of the eligible deductions and by making standard deductions so high, that most people won’t need to itemize. While the standard deduction provides a straightforward option, exploring itemized deductions can unearth additional savings for those willing to put in a bit of extra effort.