Individuals have a few tax breaks to explore, too. The IRS disallows many deductions if you take the standard deduction, but not all, for 2019. For example, you can deduct some expenses related to self-employment if you’re self-employed. Student loan interest and college tuition and fees may also be deductible. Talk to your tax professional to learn about the specifics.
If You Itemize
If your deductions are greater than the standard deduction of $12,200 for single and married taxpayers filing separately or $24,400 for those filing jointly, consider itemizing them. This means you may subtract qualified charitable donations, medical expenses over 10% of your adjusted gross income, classroom supplies of up to $250 if you are a teacher, mortgage interest and gambling losses. You may also want to delay income and pay expenses in 2019 if you expect to earn more than in 2020.READ MORE