Should you itemize or take a standard deduction on your tax return? Here's what to know
NEW YORK (AP) — When tackling your taxes, it can sometimes be hard to figure out whether to opt for a standard deduction or itemize.
According to tax pros, itemizing generally only makes sense if your itemized deductions, taken together, add up to more than the current standard deduction of $13,850 for a single filer and $27,700 for a married couple.
Here’s what you should know:
Standard deduction versus itemizing
For the vast majority of tax filers, the standard deduction is the way to go.
“Generally, taxpayers whose total itemized deductions are less than the standard deduction (based on their filing status) will benefit from taking the standard deduction. However, if the taxpayer’s total itemized deductions are greater than their standard deduction, they must itemize,” says Kathy Pickering, chief tax officer at H&R Block.
There are a few exceptions, though, and some things to consider itemizing that people sometimes forget.
Related articles
Energy shutdowns hit Ukraine after Russian attack
KYIV, Ukraine (AP) — Ukraine imposed emergency power shutdowns in most of the country on Sunday, a d2024-06-03CPC leadership reviews disciplinary inspection report
The Political Bureau of the Communist Party of China (CPC) Central Committee met on March 29 to revi2024-06-03Attack on Iranian consulate in Syria condemned
The airstrikes that destroyed Iran's consulate in Damascus, Syria, and killed at least 10 people lat2024-06-03China's UN envoy hailed as he leaves office
China's current top ambassador to the United Nations said he will leave office at the end of March."2024-06-03I've spent a decade going on more than 120 cruises
Whether it's families, solo travellers, adventure-seekers or those after new-to-cruise taster weeken2024-06-03Xi holds talks with Indonesia's president
Chinese President Xi Jinping held talks with President-elect of the Republic of Indonesia and Great2024-06-03
atest comment