Do You Know the Difference Between Standard and Itemized Deductions?
Deductions may help you manage the amount of taxes you owe, but it's important to understand the different types of deductions. You have the choice of either taking a standard deduction or itemizing your deductions. Here are some details to help you understand the difference between the two:
· The standard deduction may adjust every year and can vary by filing status. It also depends on a number of factors. You may be able to find the standard tax deductions on the first page of your filing form (such as Form 1040 or Form 1040-SR).
· Itemized deductions refer to individual expenses, such as state and local income or sales taxes, real estate taxes, mortgage interest, mortgage insurance premiums, and more. Taxpayers may be able to itemize deductions when the amount is greater than the standard deduction.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov
Health Benefits of Pets Any pet owner knows that their four-legged friend is much more than just an animal - they're part of the family! Pets provide us endless love and cute pictures, but they may also provide a number of other health benefits. For example, the CDC shares that pets may provide us more opportunities to get outside, exercise, and socialize. They may also help manage loneliness by being loyal companions. Here are a few of the potential health benefits of having a pet: · Decreased blood pressure · Decreased cholesterol levels · Decreased triglyceride levels · Decreased feelings of loneliness or depression · Increased opportunities for exercise or outdoor activities · Increased opportunities for socialization If you're considering bringing a pet into your family's life, make sure to do research on which type of pet is right for you. In addition, the CDC recommends always staying healthy around your pets and washing your hands after petting them or cleaning up after them. Tip adapted from CDC.gov
How to Eat Sustainably
Speaking of eating, there are lots of things you can do to support a sustainable food system. Every decision you make at the grocery store is a vote for or against a greener future. Here are some things to consider next time you're filling your shopping cart. · Eat more plants - The maintenance and production of beef contributes nearly half of greenhouse gas emissions in the American diet. Not only is eating more plants healthier for you, but it also helps reduce these emissions. · Waste less food - Food waste is a major problem in the U.S. In fact, Americans waste $90 billion each year on food that never gets eaten. · Buy local - Local produce, dairy, and meat reduces the travel your meal needs to take to get to your plate. Also, it's healthier for you! · Tip adapted from EarthShare.org