Two people holding up a set of keys with a house-shaped keychain attached to it, likely the keys to their new home.

What is the mortgage interest tax deduction?

The mortgage interest deduction is a tax incentive for homeowners. It’s an itemized deduction that allows homeowners to subtract mortgage interest from their taxable income,…

Closeup of IRS form 1040 and a pen, with part of a calculator visible.

What is the standard deduction?

The standard deduction is a fixed dollar amount set by the IRS that taxpayers can subtract from their gross income to reduce the amount of…