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
Kate Hudson hits the stage to debut songs from her new album Glorious at star
Kate Hudson looked like a pro as she performed songs from her new album Glorious for the first time.2024-05-21Ship that caused Baltimore bridge collapse has been refloated
BALTIMORE (AP) — The container ship that caused the deadly collapse of Baltimore’s Francis Scott Key2024-05-21Georgia Republicans choose Amy Kremer, organizer of pro
COLUMBUS, Ga. (AP) — Georgia Republicans on Saturday elected to the Republican National Committee a2024-05-21Amir Khan's £11.5m luxury wedding venue finally hosts its first marriage: Bride arrives on horse
Amir Khan's £11.5million luxury wedding venue has finally hosted its first marriage after a series o2024-05-21'The Apprentice,' about a young Donald Trump, premieres in Cannes
CANNES, France (AP) — While Donald Trump’s hush money trial entered its sixth week in New York, an o2024-05-21Georgia Republicans choose Amy Kremer, organizer of pro
COLUMBUS, Ga. (AP) — Georgia Republicans on Saturday elected to the Republican National Committee a2024-05-21
atest comment