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:
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:
Related suggestion:
Duke's Jeremy Roach announces plans to enter NBA draft and transfer portalMichael King's noUlsan beats Yokohama 1North Carolina University system considers policy change that could cut diversity staffFord recalls over 456,000 Bronco Sport and Maverick carsGujarat crashes to 89 all out against Delhi, loses IPL game by 6 wickets at homeGreek minister says 2 major new marine parks will be created by the end of this yearHouse panel says China subsidizes fentanyl production to fuel crisis in the United StatesMother who promised Taylor Swift tickets to her daughter to celebrate finishing her AMan arrested after 3 shot to death in central Indiana apartment complex
3.3559s , 6502.71875 kb
Copyright © 2024 Powered by Should you itemize or take a standard deduction on your tax return? Here's what to know ,Earth Enigma news portal