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
Young Boys seals 6th Swiss soccer league title in 7 years after rallying from firing coach Wicky
GENEVA (AP) — Young Boys sealed its sixth Swiss league title in seven years by winning at Servette 12024-05-21China issues reform, development guidelines for youth football
China unveiled a comprehensive reform and development guidelines to promote youth football on Monday2024-05-21- Chi Pang-yuan, the noted scholar and writer, died Friday in Taiwan at the age of 100, according to l2024-05-21
- WASHINGTON (AP) — The White House on Monday rejected a long-shot effort from House Republicans to ge2024-05-21
Kosovo prepares a new draft law on renting prison cells to Denmark after the first proposal failed
PRISTINA, Kosovo (AP) — Kosovo’s Cabinet renewed efforts with a new draft law on renting a prison in2024-05-21ITTF World Cup Macao 2024 kicks off
The International Table Tennis Federation (ITTF) World Cup Macao 2024 started on Monday, with 48 mal2024-05-21
atest comment