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:
Certainty of China's development augurs well for the worldCommentary: Democracy a tool for U.S. to keep hegemony, incite divisionDraft judicial explanation on marriage released for public reviewMainland refutes DPP claim on international waters in Taiwan StraitMainland refutes DPP claim on international waters in Taiwan StraitA ticking bombCOVID origins tracing is on US’ ‘antiChina achieves highHow Meghan played the LONGPutting people first: the guiding light in China's COVID fight
2.1504s , 6605.3828125 kb
Copyright © 2024 Powered by Should you itemize or take a standard deduction on your tax return? Here's what to know ,World Wave news portal