Future of Itemized Deductions

Traditionally, taxpayers have relied on itemized deductions to reduce their taxable income, subject to a reduction for the upper crust. But now these deductions are under attack by congressional leaders eager to offset benefits that would be gained from across-the-board tax cuts. This series shows how proposed tax reforms might close the existing loopholes for seven key items on Schedule A.

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It’s not easy to qualify for a deduction for medical and dental expenses on your tax return. But once you clear the threshold established...
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Taxes are a necessary evil. But most taxpayers get hit twice – once by Uncle Sam for federal income taxes and then again with various state...
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Are you paying interest on a mortgage, another loan, or credit card debt? Depending on the nature of the expense, all of the interest may...
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As Congress contemplates sweeping tax reforms for individuals , virtually everything is on the table. But at least one itemized deduction...
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If your home or other personal property is damaged by a catastrophic event, or if your abode is burglarized, at least you can take some...
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Are you scraping the bottom of the barrel of your itemized deductions? The IRS allows you to deduct a mixture of expenses that don’t fit...
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Do you like to place wagers at casinos or the track? Of course, if you walk away a winner, the IRS will demand its fair share of the spoils...
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One of the tax reform ideas being batted around in Washington is a curb or repeal of certain itemized deductions. For example, President...