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:
In pics: Olympic Village for Tokyo 2020 Olympic GamesAswan Forum kicks off in Egypt with focus on multidimensional crises in AfricaAmericans decry gun violence, political inaction at nationwide rallies2022 UK Chinese Dragon Boat Festival celebrated in SalfordChina retrieves subglacial bedrock sample from East AntarcticHeavy rains kill 253 in S. AfricaChina replaces Germany as UK's biggest import market: ONSChina developing two models of reusable rocketsChinese vaccines prove their safety, efficacy: Lao deputy PMPowerful Hurricane Ida slams U.S. Louisiana, other regions
2.8424s , 6574.921875 kb
Copyright © 2024 Powered by Should you itemize or take a standard deduction on your tax return? Here's what to know ,Global Genesis news portal