The IRS published an article titled “Things taxpayers should know when choosing between standard and itemized deductions” on February 22, 2021 to help taxpayers decide which deduction to take.
“Taxpayers benefit from the standard deduction if their standard deduction is more than the total of their allowable itemized deductions”. Visit How Much Is My Standard Deduction? to help you decide whether or not to itemize deductions.
It may be beneficial to itemize deductions if you:
- Had large uninsured medical and dental expenses
- Paid interest and taxes on their home
- Had large uninsured casualty or theft losses
- Made large contributions to qualified charities
Have tax questions? Contact us today.