20 Most Popular Tax Deductions For 2020

 20 Most Popular Tax Deductions For 2020

MoneyTips

The Tax Cuts and Jobs Act (TCJA) limited itemized deductions and doubled the standard deduction to entice more taxpayers to skip itemizing – but money-saving deductions still remain for eligible taxpayers. Do you qualify for any of the following nineteen deductions?

1. Charitable Donations – This is one of the few deductions with increased limits due to the TCJA. Charitable contributions are now limited to 60% of adjusted gross income (AGI).

2. Mortgage Interest – You can still deduct the interest on $750,000 worth of mortgage debt ($375,000 if married filing separately) for loans taken out after December 15, 2017. Deductions on older mortgages are capped at $1 million of debt. However, mortgage insurance is no longer deductible.