Money Minute: Tax deductions

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    Money Minute: Tax deductionsMoney Minute: Tax deductions

As April 15 approaches, a new option is in place to help you with your taxes.

It deals with state and local taxes, which had been capped at a $10,000 deduction, but now it’s gone to $40,000.

“When you add up charity, real estate taxes, mortgage, income taxes,” said Steven Warren, CPA, Schrecter Dokken Kanter.

The Minnesota Department of Revenue says two groups will really benefit.

Itemizers who were limited at that $10,000 mark and those who use standard deductions might be able to itemize now because the new limits allow them to claim higher itemized deductions than the standard deduction.

So add it up and “if that exceeds, you want to take the higher of the two,” Warren says.

This option has already started, so you can use it right now.

The post Money Minute: Tax deductions first appeared on KSTP.com 5 Eyewitness News.