opinions

Should you itemize or take a standard deduction on your tax return? Here's what to know

Font size+Author:Culture Connection news portalSource:politics2024-05-01 00:17:32I want to comment(0)

NEW YORK (AP) — When tackling your taxes, it can sometimes be hard to figure out whether to opt for

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
  • Foreign Leaders, Heads of Int'l Organizations Extend Greetings for Chinese New Year of Dragon

    Foreign Leaders, Heads of Int'l Organizations Extend Greetings for Chinese New Year of Dragon

    2024-04-30 23:54

  • Xi Signs Order to Promulgate Revised Regulations on Military Legislation

    Xi Signs Order to Promulgate Revised Regulations on Military Legislation

    2024-04-30 23:31

  • Xi Meets Antigua and Barbuda's Prime Minister

    Xi Meets Antigua and Barbuda's Prime Minister

    2024-04-30 22:59

  • MOC criticizes US' move against Chinese companies

    MOC criticizes US' move against Chinese companies

    2024-04-30 22:06

Netizen comments