For individual taxpayers, Schedule A is used in conjunction with Form 1040 to report itemized deductions. If you choose to claim itemized deductions instead of the standard deduction, you would use Schedule A to list your deductions. Your itemized total is then subtracted from your taxable income.
1040 Schedule A is an optional attachment to Form 1040.
The goal of the schedule is to help walk taxpayers through allowable tax deductions to reduce their overall tax liability.
By claiming itemized deductions, you might be able to save additional tax dollars if you choose this route over taking the standard deduction. The amount you save depends on your tax bracket and deductions made.
Yet, many taxpayers are not any of the itemized deductions discussed below are reduced or eliminated. This article will review how itemized deductions were changed, limited, or eliminated as part of the Tax Cuts and Jobs Act (TJCA) tax reform.
What Are Allowable Schedule A Itemized Deductions?
Want Help With Form 1040 Schedule A?
Tax Filing in Woodbridge Township, NJ
Need a Tax Filing service in Iselin New Jersey? We're a Iselin based tax firm providing tax and financial services to individuals and businesses. Whether it's preparing your tax return, e-filing your taxes or tax planning strategies, A1 Financial Service is here to guide you.
Request a Call Back
We offer a call back service so you can have the opportunity to chat one on one with with us. Its not a replacement for an in-office consultation, but it allows you to ask us questions prior to an in-office visit.
Complete the form and we will try our best to get back to you during your best time to chat.
Need help now? Call (732) 791-4140 today or Book An Appointment online.
Have questions after reviewing your W-4? Our knowledgeable tax pros can help!